Home owners, who have grown accustomed to consistently low interest rates, take note. Now would be a good time – if you are able to refinance your mortgage – to review your housing loan options.
Depending on your current rate and loan, a lower interest rate could save you hundreds on your monthly mortgage payment. You’re wise to weigh the pros and cons of refinancing, though, before rushing in to apply for a refinance. Here’s a three-step plan for making the decision.
But how do you know if you should refinance your mortgage? Is it smart to refinance your mortgage? If it is the right decision for you, how do you go about.
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It’s hardly worth it to refinance your mortgage to save $15 a month under these circumstances. Most mortgage experts say you should be able to recoup your costs from mortgage refinancing over a 3-year period. If you’ve saved only $15 a month and it cost you $3,000 in fees, it would take 200 months to break even.
The fact is, homeowners should consider refinancing their mortgage if it makes sense to do it. How to tell exactly when or if it's time to refinance.
Amount of Equity. Another thing to consider is how much equity you have in the home. Most banks will require 20% equity in order to refinance your mortgage. It may still be possible to refinance without that much equity, but you’ll likely get the best deal if you have at least 20% equity.
When you go to a mortgage lender to refinance, that lender will pay off your current loan and create a new one for the remaining balance, or more, if you decide to use some of the funds for other.
Should I Refinance My Mortgage? Is your current interest rate on your house too high? Use this free tool to view today’s best home loan refi rates from top lenders & estimate your savings at a lower apr (annual percentage rate).
A few years after making monthly mortgage payments, many homeowners start wondering whether they should refinance. Refinancing a mortgage can sometimes save you a lot of money, but it’s not always.