When is a good time to refinance ? I have a 7/1 variable rate that has already been up since last October, but it stayed at 5.25%.. It is at 5.25%,
Now that the rates are lower should I lock into something lower ? Would it be worth the cost to refinance ? or Should I keep it for now since it will probably stay at 5.25%? by spovov74_917_131 from Fargo, North Dakota. Aug 23rd 2011
Matt Elston (Matt.Elston)
#4 ranked lender in South Carolina - 50 contributions
Although I'm not in your area, Yes, definately Refi, my 7/1 Arm today is at 3.125%, unless you owe less than $50,000 and/or moving next year, it's definately worth the savings.
Jeff Hutchison (jhutchison)
#14 ranked lender in Iowa - 40 contributions
hello. our 10/1 arm is at 4.0% and now would be an excellent time to lock in and save for the next 10 years.
Dan Paladin (dpaladin)
#356 ranked lender in California - 792 contributions
Have your lender run a cost benefit analysis which will provide you with the numbers and your overall benefit. Though in general it sounds like it would be beneficial.
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