Why should I refinance ?

Refinancing your current mortgage will take you through the same long process as your original mortgage in terms of time and money. however, you might be able save money throughout the life of your new mortgage. Usually it's worth while to refinance if you intend to keep your property for more than five years. Here are the benefits of refinancing:

Cut down costs by refinancing your loan you may be able to lower your interest rate and monthly payments to save thousands of dollars throughout the life of your new mortgage.

Switch to other loan type if your current loan program is ARM (Adjustable rate mortgage) it might be a good idea to take advantage of the current low fixed rate mortgage and stop worrying about ever increasing rates.

Get cash for any purpose if you had already built equity (a significant portion of your principal is paid) you may be able to pull out an extra amount of cash to be used for any purpose: start a new business, pay other high interest debts etc.

Who should refinance ?

Refinancing should be considered based on your individual needs and status. A general guideline is: If the current interest rate of your mortgage is at least 2% higher than the new offered market value refinance mortgage - you should take it, however, if your current interest rate is low - there is no reason to start the process of obtaining a new refinance loan and pay the extra costs and fees. Here are some of the standard refinancing costs: Application fees, Title search and insurance, Loan origination fees, Lender's attorney's review fees, Prepayment penalties, Appraisal fees and misc. fees. 

MortgageBulletin.net is not a  lender or a broker, MortgageBulletin.net is an advertiser supported search site. MortgageBulletin.net shall not be responsible or liable for any products, services, information or other materials displayed, purchased, or obtained as a result of any information or offer in or results of any kind obtained in connection with this website.