The best financial advice tends to apply to pretty much everyone. You don’t need a spreadsheet of pros and cons and complex scenarios. What you need is a rule of thumb.
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A rule of thumb is a guideline that provides simplified advice regarding a particular subject. It is a general principle that gives practical instructions for accomplishing or approaching a.
9/13/1998 · The rule of thumb also ignores the fact that if you had not refinanced, you could have earned interest on the money you pay upfront to refinance, and if you do refinance and the payment is reduced, you can earn interest on the savings.
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Mortgage Rule of Thumb The most important factor that lenders use as a rule of thumb for how much you can borrow is your debt-to-income ratio, which determines how much of your income is needed to pay your debt obligations, such as your mortgage, your credit card payments, and your student loans.
Here is my rule of thumb on whether it makes sense to refinance – the key for me is an apples to apples comparison: 1) Establish the loan amount to compare – to keep it simple start with your current loan balance – in my case the current loan balance is $236,100 .
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Historically, the rule of thumb was that it was worth the money to refinance if you could reduce your interest rate by at least 2%. Today, many lenders say 1% savings is enough of an incentive to.
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By this rule of thumb you will need 70% to 80% of pre-retirement income. will not be a charge on the income anymore. Similarly, some of the loans that you were servicing may now be closed and taxes.
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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