The best time to refinance is evaluated according to several factors. These can vary according to the individual but you have to assess your situation. Some of the points that should be considered are listed as follows:
-Is the current rate of interest on your mortgage lower than the present interest rate? -Is the interest rate higher than your current rate? -What other options are available for refinancing?
It is theoretically only viable to refinance if there is a lower interest rate that is lower than your present by two points or percent. This however can extend to a difference of one and a half points at times where it is necessary to weigh other expenses associated with the transaction. It is also seen that there may be other perks such as lenders offering zero point loans and other low cost refinancing options and this means even if the interest rate is only lower by less than one point that you may still benefit from refinancing your mortgage.
People use cash out financing for many reasons. Some of these include:
-Debt consolidation -For education purposes -For investment purposes “To buy a new car -To buy a home
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