Deciding when to refinance is no small decision, so don’t jump on the refinance band-wagon just because other people you know are doing it. Take some time to figure out what your total costs would be, what your new monthly payments would be, and whether or not it’s the right decision for you.
"If you can shave one-half to three-quarters of a percentage point off your mortgage loan by refinancing, you should look into it," says Greg McBride, CFA, chief financial analyst for Bankrate.
This is the number one reason you should refinance your mortgage, to lower the rate. Since home loans typically have a very large loan amount, the interest rate has a huge impact on the payments. A single percentage point can cost thousands of dollars a year in interest.
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Know how long it will take to break even. Mortgage closing costs can total thousands of dollars. To decide whether a refinance makes sense, calculate the break-even point – the time it will take for the mortgage refinance to pay for itself. Break-even point = Total closing costs ÷ monthly savings.
Adjustable Rate Mortgages. If you have an adjustable rate mortgage and your rate has reset to a higher rate than the initial low rate, it is definitely worth looking into a refinance. The good news is that adjustable rate mortgages can change their interest rates over the term of the loan, and when rates are going down, that can be good.
3 Things to Know Before Refinancing Your Mortgage Here are three things to know and consider if you’re thinking about refinancing your mortgage.. understand that when you refinance your.
Here are a few common reasons why homeowners decide to refinance a mortgage: To lock in a lower interest rate and lower their monthly payments. Homeowners who have improved their credit score or.
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Well, when you refinance, you essentially trade in your current mortgage for a newer one — ideally one with more attractive terms. The new loan pays off the first one. The main reason most folks refinance a mortgage is to take advantage of a lower interest rate and.