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According to moncy.CNN.com. with mortguge rates near 35-year lows, you may he able to cut your payments sharply by refinancing your loan. To qualify for the best rates, you need a credit score of 740 or higher and usually at least
Even if you have to settle for a higher rate, a new loan may save you money. The main consideration is whether you will live in your home long enough to offset the refinance closing costs.
Your current mortgage payment is $1,458.50 per month, with a balance of $214,800. You have a chance to refinance at the Biltmore Bank with a 30-year.
You plan to live in your home for at least four more years. Use the Mortgage Refinancing Worksheet below to see if it nukes sense to refinance your mortgage.
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Chapter 14 Solutions
Contemporary Mathematics for Business & Consumers
- Glencoe Algebra 1, Student Edition, 9780079039897...AlgebraISBN:9780079039897Author:CarterPublisher:McGraw Hill