Should i refinance my house since i got a fixed rate of 719?

Charita
depend on how large your loan is...if you have a small loan then dropping the rate is only going to save you a few dollars per month.Average rates are around 6.125-6.25%Multiply that with your loan amount to see what the payment difference is. then divide the monthly savings by 3-4k (closing costs). then divide it by 12...and that's how long you'll start seeing the benefit of your refinance

Josephina
Well 7.19% is not a low rate for a fixed interest mortgage. However if you are in a fixed rate currently then there is likely to be a penalty to get out of the contract.So the cost of any penalty has to be taken into consideration trying to ascertain the question on whether you should remortgage.

Filiberto
It will cost money to refinance. If you are only going to be in your house for a few more years, then it is not worth the money you will spend to refi. However, if you are going to be in your house for many years, then it will save you money over time. How much time has to pass before you save money depends upon the costs involved in closing a new loan and the difference in interest rates.

Jacque
If 7.19% is lower then your current rate and the fees they charge you are lower then the amount you will save, then yes.

Melina
Hi Jarrstev, If the 7.19% fixed rate is 1.5-2% lower than that of your existing mortgage, only then will it make sense to refinance and you can make considerable savings in interest. Moreover, you need to consider the break-even period, that is, the time period of your stay in the property within which you can recoup the closing costs. Prior to deciding upon the refinancing, do check out the break-even period and interest savings in refinance by using the Mortgage Refinance calculator at http://www.mortgagefit.com/calculators/r… . Thanks, Jessica, Mortgage MentorMortgageFit Community

Bari
It depends on what your financial goals are and how long you intend on staying in your home. Lower rates than 7.19% are definitely available right now assuming your credit and income are sufficient for an approval with a lender. Let's say you can save $200/month by refinancing and it cost you $2, 000, but you are planning on moving in six months, it would not make sense to do anything. But, if you are long term in your home, lowering your rate and payment is usually a good financial decision. Contact me through my profile email if you have any questions.

Ardelia
It depends on a lot of factors. People like Marty irritate me, "I can beat that 7.19", he cannot possibly know if he can beat that 7.19 until he finds out more information. A lot of sleazy mortgage brokers, make all kind of all false statements, then they either don't do the loan or come up with completely different terms. I would run from anyone that says I can beat a certain rate without knowing anything. He could possibly get in trouble for committing fraud with these marketing techniques. Here are some statements and regulations from the AG in my state. "In 2007 it is now clear that certain widespread acts and practices in the area of residential mortgage lending continue to unfairly harm consumers. Advertisement includes any representation made in a newspaper, magazine, or other publication or on the Internet... Top of Page8.06: Prohibited Practices1. It is an unfair or deceptive act or practice for a mortgage broker or lender to make any representation or statement of fact if the representation or statement is false or misleading or has the tendency or capacity to be misleading, or if the mortgage broker or lender does not have sufficient information upon which a reasonable belief in the truth of the representation or statement could be based." So Marty probably is engaging in unfair and deceptive trade practices, that could subject him to potential civil and criminal liability. Also, he probably is a mortgage broker that "arranges loans" through a wholesale lending process, he is probably associated with 1st Metropolitan Mortgage a Net Branch, alledgedly licensed in 50 states. People like him can cause these net branches to lose their mortgage licenses, by breaking state regulations.Another big net branch, Aapex mortgage ran into problems with the state licensing boards and discontinued operations abruptly this year. Here is part of the letter from their CEO to loan officers, "Effective immediately, Apex Mortgage will cease all operations. We appreciate and value the business we have done together over the years, however we are unable to overcome the regulatory issues that have recently affected our ability to do business in multiple states."Marty would probably be fired from the company if they knew of his activities.Sorry I got off topic. If you have good credit go to your local bank, or one of the major lenders like Bank of America, and see if you qualify and what rate you can get. You should shop around for the best rate and lowest fees, some are offering no fee closings, including no third party fees like appraisal and legal fees.If you have to pay money, closing costs, to get the loan, you should factor in how long you will live in the house and how long it will take you to pay off the costs from the savings in the interest to see if it is worth doing.Good Luck, watch out for sleazy people. Oh well, Marty withdrew his post.

Irwin
I recently refinanced my home with a 15 year fixed rate mortgage at 5.25% with no points. I did pay title and escrow fees and $1, 200 in processing fees.I have very good credit, 784 mid fico and a loan to value less than 50%.I know that I received a much lower rate than most people would have been charged because I have a very good credit score and a very low loan to value ratio. That means very low risk for the bank.Also, my lender is the bank that I have been doing business with on a regular basis since 1964. They know me well and they know that I am a good risk.I recommend that you contact the bank where you have your checking and savings accounts or your employee credit union. Ask them to run your credit and give you an analysis of whether or not it would be advantageous for you to refinance.I recommend the bank that you have done business with for many years or your credit union because in my experience they will generally give you an honest answer.Do not go to a mortgage broker, or one of these internet sites. They get paid ridiculous amounts of money to refinance your loan. They will always say that you should refinance your loan even when it is not in your best interest to do so.They will promise you low rates then they will give you a ridiculously jacked up rate when it is time for you to sign at the title company.

Sadie
Depending on how long you plan on staying in your current house and what rate you can get now, it may be worth it. If you can recoup the cost of the refi in a short time from the savings with the new rate then go for it. Have a broker run the numbers for you and see if it makes sense.Ohh, and don't listen to people on Y/A who give you advice as if they know everything. You know, the ones that get rates that no one else on the planet can get because they are so important and they know presidents and world leaders.