One of the more difficult decisions faced by homeowners is whether it pays to refinance a mortgage
Question:
One of the more difficult decisions faced by homeowners is whether it pays to refinance a mortgage loan when rates have dropped. Go to http://interest.com and click on the calculator labeled "Refinance interest savings calculator." Compute how long it will take to recoup the interest of refinancing your mortgage loan. Assume you obtained a 30-year $130,000 loan four years ago at 7%. Now rates have dropped and your income is higher. Determine how much you will save if you get a new loan for 15 years at 6.25%.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Financial Markets And Institutions
ISBN: 9781292215006
9th Global Edition
Authors: Stanley Eakins Frederic Mishkin
Question Posted: