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How to Determine when Refinancing Makes Sense

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Refinancing is something many homeowners toy with time and again. They see that interest rates are lower so they wonder if they should refinance their mortgage or leave it as is and continuing making the higher payments. There are many reasons to go both ways – there is no right or wrong answer that is the same across the board. You have to weigh the different options that you have.

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How to Determine when Refinancing Makes Sense

  1. 1. HOWTO DETERMINE WHEN REFINANCING MAKESSENSE
  2. 2. WHATAREYOURPLANS? The first question is whether or not you plan on staying in the home. If you are not staying, then you might not need to refinance. Why incur more closing costs and start your payments all over again when you will sell the home in 2 years?
  3. 3.  If you plan on staying, however, and you can reduce the interest rate enough that it makes sense to pay the closing costs because you will recoup the difference in a short amount of time, then refinancing might make sense.
  4. 4. WHATARE THECOSTS? Every loan has costs, some higher than others. This is one thing you can control because you can shop around with different lenders to see the normal closing costs for you area.
  5. 5. Really weigh the costs of refinancing to determine what the right choice is for you by determining how long it will take you to make up the closing costs in the savings you gain by lowering your interest rate.
  6. 6. TAKEANOCLOSING COSTLOAN Every loan has costs, some higher than others. This is one thing you can control because you can shop around with different lenders to see the normal closing costs for you area.
  7. 7. ASAFERLOAN Another reason that it is a good idea to refinance is when you refinance into a safer loan. By safer, we mean an adjustable rate to a fixed rate or a 30­year term to a 20­year term. Generally, a fixed rate for the lowest term possible is what is necessary to have a safe loan.
  8. 8. BESTVASTREAMLINEREFINANCE Finding the vastreamlinerefinance.com is a one­stop shop offering useful information about VA loans and enabling customers to shop for multiple lenders. CLICK HERE TO LEARN MORE
  9. 9. JUSTINMCHOOD Information Provided by   He is Americas Mortgage Commentator and has been providing Mortgage commentary for over 10 years.
  10. 10. VISITUS! mortgage.info facebook.com/www.mortgage.info/ @_mortgageinfo pinterest.com/mortgage_info/ Hotline: 855 ­ 531 ­ 7677

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