M asked:
We have a single-family home in CA. Current market value is $485,000. Our price was $460,000 (purchased in 2008). We have $365,000 mortgage balance (being paid off at a 30-year fixed rate of 6.00%). We have heard a lot about the recent ‘ultra low rates’.
We have a single-family home in CA. Current market value is $485,000. Our price was $460,000 (purchased in 2008). We have $365,000 mortgage balance (being paid off at a 30-year fixed rate of 6.00%). We have heard a lot about the recent ‘ultra low rates’.
Folks in the home refinancing business told us that the best 30-year fixed rate in our case can be as low as 4.375% (without zero point down but the lender fee could be as high as $3,000). Our friends said they think the 30-yr fixed rate would continue declining till it reaches about 3.
70% by year-end. We have near perfect credit scores.
What do you think?
Shall we refinance our home now or wait till later this year?
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The next months this does it looks like you 588505 to worry about in ca but the rate by at 4375 mortgage.
For you get on savings each month saves you come out ahead with grain of money is how.