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Refinance VS Buying...Which is best for you?

Lately my phone has been ringing off the hook with some of my past clients wanting my expert opinion on whether or not they should refinance their homes.  While I am happy to speak with my clients and help them flesh out a plan that works best for them, it made me start thinking...should they be considering selling and moving up instead of refinancing?  The answer in quite a few instances was a resounding YES.
 
While each individual's circumstances are unique the factors that should be considered when making the refi vs. buy decision on the same:
 
1.  How much equity do you need to have in your current home to refinance? 
The rule (though not an exact number) is you need to have at least 15% equity in your home to do a rate and term refinance.  A rate and term refinance is applicable if you just want to change the terms on your existing balance - switch from an adjustable-rate mortgage to a fixed-rate, for instance, or go from a 30-year term to a 40-year.
1a.  How much equity do you need to have in your current home to buy?  T
That answer will depend a ... more

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