30-Year Fixed Mortgage Refinance Interest Rates in Cedar Rapids, IA

Compare mortgage rates in Cedar Rapids, Iowa

Showing results for: 30-Year Fixed refinance offers for Single Family or Townhome properties in IA, total loan amount of $228,000.

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When Should I Refinance to 30-Year Fixed in Cedar Rapids?

In Cedar Rapids's hot market with 14.6% annual appreciation, refinance when you can reduce your rate by 0.75%+ or access equity. If you purchased 2-3 years ago, rapid appreciation likely built substantial equity. Refinancing a $108,000 loan (80% of Cedar Rapids's $135,000 median) from 7% to 6% saves $71/month. With closing costs around $2,700, you break even in 38 months. The 30-year term keeps payments low while Cedar Rapids's appreciation builds equity automatically.

Should I Do Cash-Out Refinancing to 30-Year in Cedar Rapids?

With 14.6% appreciation in Cedar Rapids, cash-out refinancing makes sense if you have substantial equity. If your home appreciated from $135,000 to $155,250 over 3 years, you could access up to $16,200 while keeping 20% equity. Popular uses: high-ROI renovations (which compound with Cedar Rapids's growth), investment properties, debt consolidation. Cash-out 30-year rates run 0.25-0.5% higher than rate-and-term, but the extended term keeps payments manageable even with a larger loan balance.

How Much Will I Save Refinancing to 30-Year in Cedar Rapids?

Monthly savings depend on your rate reduction. Refinancing $108,000 from 7% to 6% saves $71/month in principal and interest. However, your total PITI payment in Cedar Rapids includes $177/month property tax (at 1.57% of home value). Your actual payment drops from approximately $1,046 to $975 total. Over 30 years, you'll save over $26k in interest-plus Cedar Rapids's appreciation builds additional equity.

What Are 30-Year Refinance Closing Costs in Cedar Rapids?

Closing costs in Cedar Rapids typically run 2-3% of your loan amount. On a $108,000 refinance, expect $2,160-$3,240, including appraisal ($400-700), title insurance, lender fees (0.5-1%), and escrow setup. Divide closing costs by monthly savings to find break-even: $2,700 ÷ $71 = 38 months. In hot markets like Cedar Rapids, strong appreciation shortens effective break-even since rising home values increase refinanceable equity over time.

How Does Cedar Rapids's Property Tax Affect 30-Year Refinancing?

Property taxes at 1.57% of Cedar Rapids's home values add $177/month to a median-priced home. When refinancing to a 30-year fixed, your principal/interest payment changes but property tax stays constant. If you're quoted a new rate, calculate P&I savings ($71 in our 7%→6% example), then add back property tax and insurance for true monthly cost. Also remember: as Cedar Rapids homes appreciate 14.6% annually, your assessed value-and thus property tax-may increase over the loan's life.