Low interest rates are in the news again. I was interviewed by ABC News this week about interest rates and should people take advantage of them.
The question, Can I refinance? To refinance in todays market the customer must qualify in the three box categories; credit score, debt to income ratio, and the loan to value to assure sufficient equity. Banks are lending if the loan fits nicely in all three boxes. The qualification boxes are sufficient because thousands of people are refinancing now.
Then the question, Should I refinance? This is where the math comes to play. Sometimes the need is simple such as the necessity to reduce payments but if you can manage payments then the question of Should I refinance becomes more complex.
Here is a calculator that will allow you to analyze your mortgage completely and let the numbers decide. http://www.mortgagemagic.com/RefiInterestSavingsCalc
Doug Jones
Mortgage Magic NMLS 286668
doug@mortgagemagic.com
Then the question, Should I refinance? This is where the math comes to play. Sometimes the need is simple such as the necessity to reduce payments but if you can manage payments then the question of Should I refinance becomes more complex.
Here is a calculator that will allow you to analyze your mortgage completely and let the numbers decide. http://www.mortgagemagic.com/RefiInterestSavingsCalc
Doug Jones
Mortgage Magic NMLS 286668
doug@mortgagemagic.com
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