"One should not pay off any large credit balances while in the process of refinancing because that can also affect one’s credit score," Raphaely says. "Remember, the rule of thumb is no big moves.
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Of course, there are closing costs associated with a reverse mortgage refinance. These are the same costs that must be paid with a new loan, which we cover here. The one exception is that the borrower must only pay a mortgage insurance premium on the increase in the home’s value. Working Toward a Rule of Thumb
The 2% rule is that most of the time when you are refinancing for it to be financially worth it, the general rule of thumb is that you want to see a decrease in your current interes rate of 2%. Unfortunaltely that is not always the case as you may have other objectives that need to be accomplished with in the refinance,
How can you make sure to avoid that fate? Here’s what you need to know. When you start looking at properties, keep in mind that real estate agents and mortgage brokers are not objective financial.
The Rule-of-Thumb in Action. Here’s an example of the when to refinance rule-of-thumb in action. John and Jane apply for refinancing to get a lower rate on their mortgage loan. The lender tells them they qualify for a 5.5% interest rate. This is lower than their current rate of 6.5%. So, at first glance, the refi seems to make sense.
For instance, a rule of thumb is to only refinance if the prevailing rates are lower than your existing mortgage rate by 1 percentage point or more. Still, even that isn’t enough. Think about how long.
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Rule of Thumb for Refinancing I have seen lots of tips on when it makes sense to refinance your mortgage, but I disagree with some. Here is my rule of thumb on whether it makes sense to refinance – the key for me is an apples to apples comparison: