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Refinancing Your Home Loan? When Should You Refinance Your Home?
If you have a current mortgage and are unhappy with the interest rate or the amount of the monthly payments, it is possible to refinance your home and eliminate your problems. But before you call your lender, there are some questions that you should ask yourself in order to determine whether or not it's the right time for refinancing your mortgage loan. The first question that you should ask yourself is if you have the cash on hand to pay the fees. Depending on the amount of your mortgage, and the specific fees that your lender will charge, you could pay anywhere from a couple of hundreds dollars to a few thousand. Be sure that you're financially ready for the move before applying for the loan. Next, you should take a look at the current interest rates compared to the ones on your existing mortgage, and then decide whether or not a refinance would help your situation. For example, if you have an ARM mortgage, and the interest rates are at an all-time low, you might want to refinance your loan and turn it into a fixed rate so your payments won't go up again as rates rise. In addition, if you have a fixed rate, but bought your home when interest rates were higher, you might want to refinance in order to lower yours. If you find yourself with a lot extra debt, you could take advantage of a cash-out refinance loan. With this type of loan, you add on an amount to your home loan, refinance the entire thing at a lower interest rate, and then take the "extra" money out and pay off your debt. This will allow you to reduce the amount of debt you owe (because the interest rate will be lower), and at the same time, reduce the amount of the monthly payment. Most experts agree that you shouldn't go to the trouble or expense of refinancing your home if you don't intend to stay in it for at least three years. Otherwise the cost of the process would likely be more than the overall savings. To view our recommended sources for mortgage refinance loans, visit: Recommended Refinance Mortgage Lenders Online Carrie Reeder is the owner of ABC Loan Guide, an informational website with articles and the latest news about various types of loans.
MORE RESOURCES: Real estate transactions — April 10-16 SteamboatToday.com Real estate is facing the worst fair housing crisis since the ‘60s Real Estate News by RealEstateNews.com Real Estate Transfers ~ April 3, 2025 The Bedford Citizen Norwalk's 2024 grand list drops to $16.2B, led by $1.3B decline in real estate values - Norwalk Hour Prince Harry and Meghan Markle Have Made Some WILD Real Estate Moves in the Past 8 Years House Beautiful Real Estate Investing: 5 Ways to Get Started NerdWallet Former executive sues Pat Connaughton's real estate company Milwaukee Journal Sentinel Real Estate Market Report (Feb./March) highlandscurrent.org The Michael Houck Real Estate Guide for April 20 Oil City News Agent Spotlight: Jim Smyth The Grand Junction Daily Sentinel How the Pandemic Changed New York City Real Estate Behind The Hedges Beyond the Boardroom: LIVE Real Estate Group's Dionne Clifton The News-Gazette Many first-time homebuyers are pushing 40 as millennials wait in vain for a better market - NBC News Mandatory NAR membership facing a new legal challenge Real Estate News by RealEstateNews.com Brokerage Beat: News from Compass, eXp, The Agency, more Real Estate News by RealEstateNews.com Accused Houston real estate fraudster connected to dozens of stolen properties caught attempting new deed filing Click2Houston Zillow just started an all-out war over real estate listings Business Insider Houston real estate lawsuit: Harris County suing couple in forgery case and theft of 35 properties ABC13 Houston The Hollywood Reporter Celebrates the Big Apple’s Top Real Estate Agents at New York Power Broker Awards The Hollywood Reporter Real estate options slim for Grove City dispensaries The Columbus Dispatch Portland homebuyers rush into combative spring market OregonLive.com Tucson, Ariz.: Western Skies and Competitive Home Prices The New York Times Who’s Buying What in the Big Apple? Ask NYC’s Top Realtors The Hollywood Reporter See how much real estate prices have changed in Petaluma last week The Press Democrat Trump Official Scrutinizes N.Y.’s Attorney General Over Real Estate The New York Times Real estate sales in Peoria, Tazewell and Woodford counties for April 19, 2025 - Peoria Journal Star Real estate sales in Peoria, Tazewell and Woodford counties for April 19, 2025 Peoria Journal Star Housing Market Crash Alert? 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Zillow Bans Pocket Listings, While Homes.com Welcomes Them Yahoo Finance Stafford County supervisors vote to increase real-estate tax rate by 3 cents Fredericksburg Free Press Westmoreland County Real Estate Transfers The Latrobe Bulletin Berkshire County Real Estate Transactions for March 31-April 4 The Berkshire Eagle Buc-ee's travel center may mean more residential, commercial development in St. Lucie County Treasure Coast News The Mountain city where thousands are selling their million-dollar homes amid 'cloud of uncertainty' Daily Mail How Eliminating Property Taxes Could Impact Florida Homeowners U.S. News Real Estate Kohl’s real estate head joins CBRE’s retail group Chain Store Age CoStar CEO takes on Zillow in letter to agents Real Estate News by RealEstateNews.com Check out the number of homes sold, listed for sale in March across Flower Mound, Highland Village, Argyle Community Impact Real estate news: 2-tower office campus in Newport Beach sells at a loss for $33M Orange County Register Housing Market Predictions for 2025 Ramsey Solutions $2.1 Million Homes in Muskoka, Ontario The New York Times News of public record: Muskingum County real estate transfers Zanesville Times Recorder Blackstone warns tariffs ‘may slow’ CRE deals The Real Deal Mr. Zuckerberg Goes to Washington and Buys a Mansion The New York Times Department of Taxation and Finance dos.ny.gov The 15 Best Real Estate Apps for Agents in 2025 HousingWire |
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