With the advent of lower interest rates, I'm thinking about refinancing. I want to do this in an educated, systematic way, but this is not my forte.
Loan balance 273k at 5.5%. Owner occupied home (me).
Seems like refi can be done at 5.0% or maybe lower?
I'm in So. Cal. near Pasadena.
1-How do you determine when it is worth it to refinance?
2-How much do you need to "save" to make it worth it?
3-Should I look into 15 year mortgages?
4-What is APR? It seems like "the interest rate" but I know it is different.
5-How do I avoid junk fees?
6-Who could you suggest to refi through that would be the best deal? The loan is through Country Wide and I bank with B of A.
Thanks in advance!
John
Loan balance 273k at 5.5%. Owner occupied home (me).
Seems like refi can be done at 5.0% or maybe lower?
I'm in So. Cal. near Pasadena.
1-How do you determine when it is worth it to refinance?
2-How much do you need to "save" to make it worth it?
3-Should I look into 15 year mortgages?
4-What is APR? It seems like "the interest rate" but I know it is different.
5-How do I avoid junk fees?
6-Who could you suggest to refi through that would be the best deal? The loan is through Country Wide and I bank with B of A.
Thanks in advance!
John