Taking a new car loan at the end of the year can lead to savings, but there is not as definitive a time to actually refinance a car loan. The deal you get on your refinanced loan depends more on your personal financial and market conditions, and these factors do not follow a predictable time table. Refinance your loan when these factors are favorable. You Have Cash to Pay Down a Sum Paying down a large sum on your loan means you can refinance for a new loan at a much lower principal. This can lead to lower interest…
When Is the Best Time of Year to Refinance a Car Loan?
Posted by admin on February 4, 2010 in auto refinance loans · 4 Comments
when is a good time for me to refinance? last year I purchase a home at 5.75 apr fixed 30 year loan?
now I see that the interest are coming even lower is is 1/2 worth to refinace or should I wait until is a whole 1 point? what about if I can get it for 5.00 now please advise thank you in advance and also how much am I looking at money wise to refinance whats the average cost?
depends on your loan and how much you put down. FHA will allow you to streamline with or with out an appraisal. In most cases such as yours you will almost always need a new appraisal for up value
I am a mortgage banker in TN & KY
References :
Typically, refinancing to save 1/2 % is not worth it once closing costs are rolled in. Yea, you would save some money but considering how long it would take you to pay off the closing costs with the monthly savigns 1/2 % gets you does not really make it worth while.
Personally, I would look into a 15 year mortgage. The rates may be low enough to make it workable, depending on your income of course. The average cost varies depending where you live. You would have to ask your banker about their costs.
I personally have a 15 yr at 5.5% and about 40% through paying it off. I know the rates are a little lower around my area. We could probably get 4.75% if we wanted to add all that time back on to the loan, but that would just be a stupid thing to do just for 3/4 % savings. I was just thinking about whether the bank would float a 9 yr mortgage at a reduced interest rate. If that were the case, I might be able to keep the same term length but still reduce my payment. I certainly do not want to pay these guys any longer than I have to. Good luck.
References :
check with your credit union. Mine is offering interest rates 30 year loan at 4.875 with 1.85 points. That is a good rate. You are probably eligible for credit union membership through you job, family, community and association. You can go to bankrate.com for mortgage rates throughout US. If you could get the deal I quoted it would be best to refinance. Good Luck
References :
satisfied credit union member for 32 years.