Tag Archives: To refinance or not to refinance?

To refinance or not to refinance?

What’s happening in the mortgage market right now is equivalent to free money. In other words, interest rates are so low that a borrower who took out a 30-year loan years back can refinance into a 15-year and save tens of thousands in interest with little impact on monthly payments. Let’s say that, 5 years ago, you took out a $200,000 loan for 30 years at a rate of 6 percent. The payment would be $1,199. After five years, your balance would be $186,000 and the amount of remaining interest that you would have to pay over the remaining 25 …

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