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refinance break even rule of thumb

When and How to Refinance a Mortgage — Mortgage Professor – The break-even period is not the cost of the new loan divided by the reduction in the monthly mortgage payment. Many loan officers use this rule of thumb, which completely ignores how rapidly you pay off the new loan as opposed to the old one.

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Net Worth Reveal - Starting Your Financial Independence Journey with a Negative Net Worth Refinance Mortgage | Planet Home Lending – It makes sense to consider the break-even point before you refinance a home mortgage. You find the break-even point by comparing any extra payments you’ll make over the long term and your closing costs versus the money you save because your monthly payment changes – not by applying a general rule of thumb.

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investors home mortgage rates Mortgage rates dip to their lowest levels in more than a year – Mortgage rates are heavily influenced by the expectations of investors. Good economic news tends to be bad for home-loan rates because a strong economy raises fears about inflation. Inflation causes.

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Refinance Rule of Thumb Is Faulty – latimes – The rule of thumb says that you break even in 31 months. However, because of the shorter term and lower rate on the new loan, in 31 months you would owe $7,041 less than you would have owed on the old loan.

Is Refinancing My Mortgage a Good Idea? – The typical rule of thumb is that if you can reduce. your total closing costs for the refinance should you decide to proceed. If your costs amount to approximately $2,300, you know that your.

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