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How much house can you afford? – The Globe and Mail – There are some handy rules of thumb. Your monthly housing costs, including mortgage payments, taxes and heating bills, shouldn’t exceed 32 per cent of your gross monthly household income.
Should You Refinance? The Rule of Thumb Has Changed – CBS News – The Rule of Thumb Has Changed. Then, the rule of thumb changed to "Refinance if you can save money within 6 months of refinancing" (many folks were able to save starting the month following the closing). These days, banks are charging astronomical fees for refinancing (hello bank profits!), and there are many people.
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Refinance Refinancing: Five Reasons to Rework your Mortgage. by Amy Lillard.. When is it worth it to refinance? A general rule of thumb is that a new interest rate should be at least one percentage point lower than your current rate. However that rule of thumb probably no longer applies with the advent of No Closing Costs refinances.
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Using this rule of thumb, you may decide that you should refinance if you’ll keep your loan for at least 20 months — after that, you’re ahead by $100 per month.
There are many factors that go in to determining if now is the right time to refinance your mortgage loan. And even though the current market rates are an important factor, the day-to-day movement of mortgage rates may not be the only thing to consider.. That’s a good rule of thumb to.
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Should I Refinance My Mortgage? – Lifehacker – Should I Refinance My Mortgage? Melanie Pinola. 4/17/15 11:00am.. As a general rule of thumb, if you can earn the costs back within two or three years and you plan on staying in your home much.
Top 10 Mortgage Misconceptions – With the real estate market picking up and mortgage. refinance as frequently as you’d like so long as you do not take cash out when you refinance and are just refinancing to lower the interest rate.
When to Refinance Rule of Thumb – Several Rules You Should. – The basic when to refinance rule of thumb is to consider it when the advertised rate is 1.5 to 2% lower than your. When you are thinking about refinancing, there are several factors you should take into consideration depending on your circumstances.
Mortgages For Purchasing A Home: (A mortgage article from. – As a rule of thumb, an individual should not pay more than 28% to 33% of their monthly income to cover their housing expenses. Remember that housing expenses include the mortgage’s principal and interest payment, as well as property taxes, and insurance (often referred to as PITI).