When does it make sense to refinance

A cash-out refinance can make sense if you can get a good interest rate on the new loan and have a good use for the money. But seeking a refinance to fund vacations or a new car isn’t a good.

If you have multiple student loans with varying interest rates, you might consider refinancing your student loans. But what really happens with a student loan refi – and how can you qualify? When you.

Before you refinance, it’s crucial to understand the costs and benefits.Most online calculators only tell you your breakeven period based on cash flow: They show how long it will take to recoup any closing costs after accounting for a new (lower) monthly payment.

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Using this rule of thumb, you may decide that you should refinance if you’ll keep your loan for at least 20 months — after that, you’re ahead by $100 per month. Most people who use this approach suggest that it makes sense to refinance if your breakeven point is within two years or so, and that’s not terrible advice.

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A lower interest rate helps, and so does extending the loan term. If you want a longer loan term, refinancing may also make sense. But understand that you’ll probably pay more overall if you do.

To decide whether a refinance makes sense, calculate the break-even point, which is the time it will take for the cost of the mortgage refinance to pay for itself.

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The costs associated with Refinancing can be complicated, when all is taken into consideration. If your goal is simply to save money, it may or may not make financial sense to refinance. Your loan officer can help you consider all facets that may effect the overall cost or benefit of a refinance.

Take note that refinancing usually makes more sense earlier into your mortgage term. Once you refinance, it’s like you’re starting over. Say you’ve been paying off your old mortgage for 10 years, and you have 20 years left to go. If you refinance then into a new 30-year mortgage, you’re now starting at 30 years again.

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