# When should you refinance?



## Jeb (Feb 14, 2012)

My apr on my home is a 30 year fixed right now at 5.61% or something like that. I've been in the home for a few years only and I see that the rates are now in the mid 3%'s. What is the rule of thumb to refinance your home when its like this? I had one bank tell me it wouldn't be a good idea to do this right now that it wouldn't help me. The bank that told me this is the bank that I currently have my home under.


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## thomasdangerpowers (Mar 2, 2012)

I think the FED will continue to debase the currency, If I was buying a house I would do a 30 year fixed, printing and buying your own bonds are the seeds to high and/or hyperinflation. unless they cut entitlements the cost of the stamp to mail off your bill may be less than your home. In zimbabwe a can of coke cost 350 billion zimbabwe dollars imagine your ina 30 year fixed in a 200,000 dollar house and a coka cola cost 350,000,000,000 dollars. it may not get that bad but you get the idea. you will be better in locking a low price when everything else is increaseing. take the lower rate only if it is fixed. ans invest in silver to pay the taxes that may become more than the house is worth. in the depression people lose fully paidoff home because they could not pay the taxes. hedge your purchasing power


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## survival (Sep 26, 2011)

thomasdangerpowers said:


> I think the FED will continue to debase the currency, If I was buying a house I would do a 30 year fixed, printing and buying your own bonds are the seeds to high and/or hyperinflation. unless they cut entitlements the cost of the stamp to mail off your bill may be less than your home. In zimbabwe a can of coke cost 350 billion zimbabwe dollars imagine your ina 30 year fixed in a 200,000 dollar house and a coka cola cost 350,000,000,000 dollars. it may not get that bad but you get the idea. you will be better in locking a low price when everything else is increaseing. take the lower rate only if it is fixed. ans invest in silver to pay the taxes that may become more than the house is worth. in the depression people lose fully paidoff home because they could not pay the taxes. hedge your purchasing power


Brings up a good question. I'm wondering if you can prepay your taxes on your home? Not just for the year, but for 5-10 years out?


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## thomasdangerpowers (Mar 2, 2012)

I'm not sure. theres over 40,000 pages of tax laws in the book. only God himself really undrstands tax law, I doubt anyone on earh has read them all. I would there would be a way,however then later on down the road you may owe the difference on the taxes and still be in the same boat anyway. I'm sure Uncle Sam will not say no to the extra money. good old uncle sam takes our money to pay for all the free things they want to give us. I would personally ask Mr.Schiff I have no idea and he is a self made mutli-millionaire following free market pricipales with a 30 year fixed rate on his home. call in to his radio show SchiffRadio.com the number is 855-4-schiff from 10-noon monday-friday.friday is your best bet its nothing but Q&A from callers.


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## AlotToLearn (Feb 19, 2012)

Big fan of Peter Schiff! The guy explains complex things in a way that even I can understand.


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## survival (Sep 26, 2011)

First time I have heard of him! Where have I been?!?!?! Thanks for turning me onto him.


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## thomasdangerpowers (Mar 2, 2012)

survival said:


> First time I have heard of him! Where have I been?!?!?! Thanks for turning me onto him.


he is awesome I've listen to every one of his radio shows in the last 3 years and have read all his books. probly 80% of what I learned was from Peter. you can download and listen to him at your convinience for free at http://schiffradio.com/ and sigh on to his free newsletters you'll be glad you did!


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## fedorthedog (Feb 28, 2012)

Rates are at 3.25 and less you can get a 15 year loan for close to your current payment and cut tens years of payments out. I am told the rule of thumb is 2 points on the loan.


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## preppermama (Aug 8, 2012)

If you have an FHA loan that was endorsed before 5/31/09, you can do what's called an FHA streamline. They just changed the program in June 2012, making it so there's little to no out of pocket cost to refinance these types of loans. The best part is there's no appraisal or income verification required. You just have to prove you are employed. We just cut several hundred dollars of our mortgage doing this and were paid money at close. Our rate at close was 3.5% and our APR (rate plus FHA MIP) was 4.05%.

HUD Streamline Your FHA Mortgage


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## gitnready4it (Jan 27, 2012)

We have a large five bedroom doublewide on 12.5 acres. We also have a small three bedroom house on the same property. It is all on the same loan and nobody will refinance us because they all say they don't do mobile homes. :???:


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## smartprepper (Oct 19, 2012)

Bankrate has a pretty good calculator that helps you determine how long it will take to recoup the cost of refinancing: 
Savings from Refinancing Calculator by Bankrate.com


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## pack3 (Nov 21, 2012)

preppermama said:


> If you have an FHA loan that was endorsed before 5/31/09, you can do what's called an FHA streamline. They just changed the program in June 2012, making it so there's little to no out of pocket cost to refinance these types of loans. The best part is there's no appraisal or income verification required. You just have to prove you are employed. We just cut several hundred dollars of our mortgage doing this and were paid money at close. Our rate at close was 3.5% and our APR (rate plus FHA MIP) was 4.05%.
> 
> HUD Streamline Your FHA Mortgage


Right on target mama. I just closed on a streamlined refi. No appraisal or income ver. My rate was 5.85. Cut it to 3.25!!! Worked out to be a savings of just over $400/mo. I see many more guns and ammo in my future.


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