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Refinance My Mortage Now

Should Christians refinance their mortgage since interest rates are low or continue to hope rates drop more?

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 ---Janet on 4/25/08
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I think it's a personal choice. If your mortgage payment will be considerably lower AND you will be in your house 5 yrs or more, it makes sense to refinance.
---Nancy5646 on 5/7/08


To refinanace or not to refinance, is an individual question that has nothing to do with being a Beliver or not.
---Janze on 5/6/08


No that is what the banks want you to do.Do not morgage your home.Do not add something you value for a morgage that may fall thru.
---Linda on 5/6/08


In veiw of the recent sub prime loans Crisis in the US I think that if you are on a fixed rate mortgage you should stay there . Varaible rate mortgages are just that, Varaible. While they are lower at the moment. There is no reason why they will not increase in the future (as they usually do) to a higher rate than a fixed contract mortgage. Most mortgages are over a period of up to thirty years. Do you think the banks are offering this product for the Customers benefit?
---Stephen on 5/3/08


In veiw of the recent sub prime loans Crisis in the US I think that if you are on a fixed rate mortgage you should stay there . Varaible rate mortgages are just that, Varaible. While they are lower at the moment. There is no reason why they will not increase in the future (as they usually do) to a higher rate than a fixed contract mortgage. Most mortgages are over a period of up to thirty years. Do you think the banks are offering this product for the Customers benefit?
---Stephen on 5/3/08




Sure if they feel like it. I see no biblical reason not too.
---jody on 5/3/08


Most people who want to refinance can't afford the higher payment a 15-year payout would make. Experts suggest that if your mortgage interest is at least 1% higher than the current rate, it wouldn't pay to refinance. If you're wanting to refinance to pay off bills (credit cards, etc) you will be paying those bills off over 30 years instead of a few years. That's another thing to consider.
---KarenD on 5/2/08


It really makes No Differance,,,To Me,, but I'd pay Off, as soon as Possable,,,,,(You Pay More in Intrest,then you Borrowed ???????????? Why ?)
---Ray_Herring on 5/2/08


As with loans, one should be very careful about going into more debt than one can afford. If you take out a loan/mortgage and then don't pay it back you are stealing.
---Dorothy on 5/1/08


I think this is a good time to refinance especially if their mortgage is due again. You can refinance a loan as many times as you want. I don't think its going to get much lower.
---Dale on 5/1/08




Why not? Are Christians any different from other people when it comes to needs or funds?
In Old testament God promised blessings if people obeyed His laws and nothing after life but in New Testament all promises are for the next life. The whole system turned 180 degrees. There is no promise that Christians will always succeed, will not fall ill or their children will not fail in schools or they will never be short of funds.
---Pat on 5/1/08


I disagree with the person who said refinancing is bad because you have to start over on another 30 years. I refinanced after being in my home for 17 months and went from a 30 year loan at 7.25% to a 15 year loan at 5.25%. My payments didn't go up too much and I knocked off 15 years of time on the loan.
---carra6495 on 5/1/08


Being a Christian or not being a Christian has nothing to do with refinancing. Its your call depending on your personal position.
---Ken on 5/1/08


If they are going to be living in the house beyond 2-3 yrs that would enable them to recoup the finance charges "Yes". If they are planning on moving in less than that time then "No" it would not be to their advantage.
---Gregory on 5/1/08


Yes I think they should if it helps them but they must take into consideration that they must change spending habits. John+
---John_Wagner on 5/1/08


I dont beleive they should if they can keep from it.
---Babs on 5/1/08


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It appears that for the short term the FED is done dropping interest rates unless something else happens to the economy. However, I don't see interest rates increasing this year if not even dropping a little further. It's your call.
---Moderator on 5/1/08


I think the rates will continue to drop. So I'm waiting a little longer.
---Rob on 5/1/08


Even if you refinance and get a lower payment, you still start all over and have 30 years to pay. And, real estate prices are such an all-time low that your home may be worth less than you paid for it. I think there was a typo in that 19% interest post as that doesn't sound like a home mortgage rate.
---KarenD on 4/26/08


My husband and I refinanced our mortgage and it has been a blessing. We are saving at least $300.00 a month. What a difference that makes. If you are able to refinance, you should while the interest rates are low. My interest rate before I refinanced was around 19%. So we had to do something and I'm glad we did.
---Rebecca_D on 4/26/08


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Don't worry about interest rates. The only concern is will your home be worth enough to refi. We may be in the middle of the downturn, but we are not at the end.
---dan on 4/26/08


You might want to hold off from refinancing your home for at least a few months as the federal reserve may still cut interest rates more. That's my opinion for what it is worth.
---Jim on 4/25/08


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