How can I decide if refinancing may be right for me or not

How can I decide if refinancing may be right for me or not

Your home may be the largest asset you have. Before deciding to refinance, be sure to consider the following so you can make an informed decision.

Determine your estimated costs

When you refinance, you may pay:

• An origination charge, which may include fees such as application or processing.
• Discount points to lower your interest rate further. (May be tax deductible. Consult your tax advisor regarding deductibility).
• A prepayment penalty if your current loan has a penalty for early payoff.
• Other settlement charges such as appraisal, credit report, title search, and title insurance fees.