| |
Should we consider refinancing our home? Should We Consider Refinancing Our Home?
Your decision depends on many variables. How long have you owned the home? Do the savings justify the cost and hassle? Will you incur a penalty if you pay off your current loan early?
Refinancing may make sense if:
- Rates have lowered significantly since obtaining your original loan.
- You want to use the equity that's built up in your home since you bought it.
- You want to shorten your mortgage payment period.
- You want a fixed-rate mortgage instead of an adjustable rate, or vice versa.
Refinancing may not make sense if:
- Rates are not significantly lower since you obtained your original loan.
- You have had your current mortgage for a long period of time
- You have paid off most or all of the interest on your current mortgage.
- Your current mortgage contains a prepayment penalty clause.
Here is a link to a great website that can answer so many questions you may have about the refinancing process: www.mtgprofessor.com
| |
