SBI cuts home loan interest rate by up to 0.25%
Article from Economic Times:

NEW DELHI: Matching its competitor HDFC Ltd, State Bank of India today announced a cut in Economic Times

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How to tell if time is right to refinance home loan
Article from The Seattle Times:
Getting a new loan makes financial sense if you are able to break even soon.

Interest rates on home loans are historically low. That means now is the time to dig out your mortgage paperwork and consider whether refinancing is right for you.

Five years ago, the government started injecting trillions of dollars into the U.S. economy. Conventional wisdom suggested that rising interest rates were soon to follow. Some even predicted the collapse of the dollar and hyperinflation.

Instead, inflation is down, the dollar is the strongest it’s been in 10 years, and interest rates have fallen to the lowest levels in decades.

When refinancing, you take out a new, lower-interest loan to pay off the old one. Here’s how to find out whether it’s a good option:

First, check the current interest rate on your mortgage loan. Let’s assume you have a balance of $ 200,000, with monthly principal and interest payments of $ 1,013 at a rate of 4.5 percent.

Next, shop around. Call two or three mortgage brokers and find out the interest rate you can get on a new loan. They’ll ask for your household income, the value of your house and the balance on your mortgage. If you don’t know how much your home is worth, contact your local property-tax office for an assessed value.

Ask the brokers to give you the interest rate and payments…………………continues on The Seattle Times

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