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re: Refinance gurus- I'm looking to refinance my mortgage- will it be worth it?
Posted on 3/9/15 at 8:46 pm to Weizenman
Posted on 3/9/15 at 8:46 pm to Weizenman
quote:
I have approx 18 years left on a 30 year mortgage, about 70,000 left to pay off on 5.5% rate. Is it even worth refinancing?
If you are itemizing your tax deduction it's certainly worth a close look if you qualify for the best rates. If you can borrow for 4% (just to pull a number out of the air) for 30 years then if the average long-term inflation rate is no more that 3% after-tax (assuming a 25% tax bracket) then you are essentially getting free money.
FWIW, if you can get a rate that low then don't do a 15 year mortgage, do a 30. The closer your after-tax rate gets to the rate of inflation, the longer you should stretch out the loan.
1
Posted on 3/10/15 at 4:26 pm to foshizzle
quote:
If you can borrow for 4% (just to pull a number out of the air) for 30 years then if the average long-term inflation rate is no more that 3% after-tax (assuming a 25% tax bracket) then you are essentially getting free money.
Don't you nean if the inflation rate is no less than 3%?
Eta: I may be thinking backwards
This post was edited on 3/10/15 at 4:27 pm
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