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Alternative to Sell* |
| Refinance in some instances will be a good alternative to sell to lower the interest
rate or obtain the equity of the property. In the past, homeowners were advised to refinance if they could get a rate that would be at least two percentage points lower than the current loan. Nowadays, homeowners are not only concerning about the 2% rule, buy also the cost to refinance the new loan. In deciding if refinancing numbers will work for you, the rule is to figure out how long it will take to recover the cost of refinancing. For example, if the cost of refinancing is $3,000 (points and miscellaneous fees) and you reduce your monthly mortgage payment by $100. It will take 30 months to get back the cost of refinancing. Factors to consider before refinancing:
Considering to refinance, contact us ! |
| *Real Estate business practice varies from region to region. Information provided on this Webpage is base on the buying and selling process for Southern California, USA. To find out more about real estate business practice in any other city, contact local real estate professionals. |
Send mail to marthel@residenceguide.com with questions or
comments about this web site.
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