Portsmouth NH Real Estate – Refinancing Mortgage Information

David Linker of Countrywide Bank - Portsmouth NH


REFINANCING MORTGAGES WITH TODAY’S
RATES
 

Today’s post on refinancing mortgages for Portsmouth NH
Homeowners
is written by –

David Linker of Countrywide Bank
Portsmouth, NH  
603-334-4616
(direct)
888-231-5004 x 4616 (toll-free)
603-767-2790 (cell)

 

The lower interest rates that have come with the mortgage meltdown
have created a mini-boom in mortgage refinancing.  Mortgage rates are about the
lowest they have been in 5 years.  The average 30 year fixed rate has been
hovering around 5.50%.  Refinancing a mortgage is currently the most pressing
topic for many homeowners.  As rates drop, people want to know what to do and
when.

The old rules of thumb with refinancing have gone out the window.  To figure
out whether it is a good idea or not to refinance the mortgage on Portsmouth NH homes or condos, the most
important issue is to determine the break even point with your monthly savings.

The break even point is the time it takes to make up what you spend in fixed
closing costs.  So, for example, if by lowing your mortgage by 1% saves you $125
a month, and the fixed closing costs were $1800, your break even point is 14.5
months, or $1800 divided by $125= 14.5 mo to break even.

Would you like information on the Portsmouth New Hampshire real estate market? Do you have questions about the buying or selling process? Give me a call at 1-888-349-5678 x 3839 or send me an email and let’s talk real estate!

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