Refinancing and When does it Make Sense?!

[Girlzilla88]

@NC_Mtg_Loaner     That's the thing though as much as I want to pull the trigger I am on a set train/goal to knock down my UTL so any extra funds are going towards that so my scores can raise back up to be at a better position to refinance.  ^^     My home details are on my siggy XD   but if I were to 'pull the trigger sooner/current because they keep asking' I wouldn't have any extra money if they asked to come up with upfront amounts and also my scores are about 50ish points lower than when I originally applied so that would also affect 'how well' it would work in my favor.       Do you think the offer would still be valid if I waited til later this year after my UTL is back down to 30% or lower?!

[NC_Mtg_Loaner]

waiting to refinance isn't really a good option either, in my opinion.

Rates are at record lows and have been for about 6 - 8 months and so not taking advantage of this unique opportunity to save money costs you all the money you spend on your current loan that could be spent on your new loan.  

Rates will go higher eventually as the economy recovers and we begin to tackle this huge deficit.   It's either going to be paid with increased tax revenue or it will be inflated away through higher rates and growth.   

If rates are a half point higher later this summer and increasing your score saves you a quarter point then maybe your rate will only be a quarter point higher than it would be today.    Of course we don't really know, but it's not likely to be much better than it is now even though we've seen rates tick a bit higher as of late, but there's still opportunity to save.   Paying interest on a loan you plan to refinance is just like throwing money out the window, so don't let too much time pass you by before you make the move to refinance. 

Of course all things are relative....If you have only 5 years left on a 15, 20 or 30 year mortgage loan the chances are that you aren't paying much interest at all --regardless of the rate on your loan because you are in that magical range of amortization where you're paying more principle than interest and there may not be much interest (if any) left to pay.