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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: 2020 Real Estate Outlook: Expert Predictions For Mortgage Rates, Home Prices, Tech And More - Forbes Dallas real estate market tries to gauge storm impacts The Dallas Morning News Saratoga Springs’ Real-Estate Market Is Off to the Races Wall Street Journal Sponsored: Real Estate Confidential: What is an Island family to do? Martha's Vineyard Times Martha Stewart Announces Plans for Branded Real-Estate Developments Architectural Digest Real estate, marketing pros share wisdom at downtown conference Greater Wilmington Business Journal Real Estate Update | New York City Patch.com Real Estate Unveil Signature Wine "Reality Estates" jambands.com The Pipeline: Commercial real estate for 11.15.19 RichmondBizSense Public Record: Muskingum County Real Estate Transfers Zanesville Times Recorder San Francisco Bay Area real estate heiress whose family posted $35 million bail acquitted of killing children The San Diego Union-Tribune Manitowoc, find out who's moving in and out of your neighborhood Herald Times Reporter San Antonio’s USAA selling stake in real estate investment business San Antonio Express-News Real Estate 'Pocket' Listings Now Banned Alexandria Living Magazine Column: October Real Estate: Another Good, Average Month Greenwich Sentinel What record stock prices could mean for real estate Yahoo Finance Berkshire region real estate sales Oct. 27 – Nov. 2, 2019 | theberkshireedge.com Winter chill begins to settle into real estate market Issaquah Reporter What a New Ruling on Whisper Listings Means for Real Estate Mansion Global Southern California Real Estate Market Update With Mortgage Broker Sam Batanyeh | Home Made KTLA Los Angeles Real estate transfers: Nov. 4-11 | Toledo Blade Toledo Blade Former real estate executive hit with six-month prison term in college admissions cheating scandal The Boston Globe ‘She Build’: Creating an All-Women Real Estate Development Team The New York Times BREAKING: New Austin Landing owner announced Dayton Daily News Real Estate Snap Shot The Park Record Manitowoc's Aspire Real Estate partners with Century 21 | Streetwise Herald Times Reporter Veteran real estate pro buys on Buchanan Street Nashville Post Pollack Shores Real Estate Group plans second East Dallas apartment complex - Dallas Dallas Business Journal Springfield named to list of top 20 hottest real estate markets Springfield News Sun A retiree says millennials should rethink not buying real estate Business Insider How to Become a Luxury Real Estate Appraiser Appraisal Buzz Real Estate Unveil Signature Wine Pitchfork Milwaukee real estate veteran Steve Palec publishes book BizTimes - Milwaukee Business News Real estate agent supports first responders and veterans Glendale Star Takeaways from NYUSPS Schack Institute's Capital Markets Conference National Real Estate Investor Real estate brokerage Compass tops 500 agents 2 years after DFW launch Dallas Business Journal Md. lawmaker proposes bill prohibiting real estate agents from listing school district in ads - WTOP A real estate association is cracking down on ‘off-market’ properties. Here’s what that means for buyers. Washington Post Recent Commercial Real Estate Transactions The New York Times The Urban Trail: Real estate industry must build its own community of color Washington Business Journal Ask a real estate pro: I didn’t pull permits for work on my house. Will that come back to bite me? Sun Sentinel Real Estate Insider: More secrecy from the DEGC, Ilitches on District Detroit property Crain's Detroit Business Real estate association cracking down on 'off-market' properties Greater Baton Rouge Business Report Nikola Motor Chief Sets Utah Real Estate Record With $32.5 Million Buy Wall Street Journal Stay out of the real estate business Hudson Valley 360 Inner-city kids are learning the art of real estate investing from these major property tycoons CNBC Real estate office in west Beaumont catches fire KFDM-TV News San Antonio Fire & Police dispatches $36 million for 2 real estate funds Pensions & Investments Top Lightfoot aides acknowledge graduated real estate transfer tax is dead, property tax levy going up Chicago Sun-Times Las Vegas shopping plaza bought by real estate firm for $43.5M Las Vegas Review-Journal Lines of Desire: Follow the Trail to Real Estate Investment Success Kiplinger's Personal Finance Real Estate Right Now, why rent when you can buy? FOX21News.com |
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