Assess how much longer you’ll stay in the home
If you plan on owning the home for an extended period of time, and the interest rates are 1/2% to 5/8% lower than your current rate, refinancing may be the right choice for you.
If you plan on owning the home for an extended period of time, and the interest rates are 1/2% to 5/8% lower than your current rate, refinancing may be the right choice for you.
Determine your break-even point
Your break-even point occurs when your savings from your new loan equals the cost of getting the new loan.
Your break-even point occurs when your savings from your new loan equals the cost of getting the new loan.
Additional considerations
Keep in mind that you are starting over. Refinancing replaces your existing loan with a new one. If you refinance back to the same loan term on the new mortgage, you may pay more additional interest than you would save by lowering. Know more
Keep in mind that you are starting over. Refinancing replaces your existing loan with a new one. If you refinance back to the same loan term on the new mortgage, you may pay more additional interest than you would save by lowering. Know more
No comments:
Post a Comment