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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: The coming crash in commercial property Tahoe Daily Tribune Windham County real estate edges back into focus Vermont Biz Real Estate People, May 25 Sarasota Herald-Tribune Lebanon County real estate transfers for week of May 25 Lebanon Daily News Larry Laukka, Twin Cities real estate developer, dies at 84 Minneapolis Star Tribune San Diego real estate deals raise questions about property values, disclosures The San Diego Union-Tribune Boulder-area real estate, commercial deals May 25, 2020 Boulder Daily Camera Your weekly real estate roundup: Ventnor condo, the state of the market under COVID-19, Christopher Meloni's house and more Press of Atlantic City Sunday Summary: Facebook Is Still Taking Real Estate Commercial Observer Residential Real Estate Transactions May 11-15 YourObserver.com Social distancing in home selling: How Lehigh Valley real estate agents are adapting to new reality lehighvalleylive.com Massachusetts real estate transactions for Hampden, Hampshire and Franklin counties, May 24, 2020 masslive.com Signs of life in real estate market as stay-home orders lift – New Orleans CityBusiness New Orleans CityBusiness Commercial real estate highlights Richmond.com How the fight to expand ADUs in Chicago will impact real estate Chicago Agent magazine Toro Real Estate Sells Suburban Jacksonville Community Multi-Housing News Real estate transfers | News, Sports, Jobs The Steubenville Herald-Star Sal Capozucca, Rock Drummer with a Real Estate Gig, Dies at 65 The New York Times Newport County real estate transactions: May 23 newportri.com Routt County real estate sales total $7M for May 15 to 21, 2020 Steamboat Pilot & Today La Crosse County real estate transfers for Sunday, May 24 La Crosse Tribune Re-Igniting a City Following a Crisis ConnectCRE US Real Estate Crisis: Home Sales Plunge to 9-Year Low, Mortgage Delinquencies to Soar Past Great Recession Level Bitcoin News Real estate still strong Santa Barbara News-Press North Bay real estate market improves in May as remote workers shop the suburbs Sonoma Index-Tribune William Lyon, Orange County real estate magnate, dies at 97 Los Angeles Times Blackhawk Community Credit Union shifting focus away from real estate development Janesville Gazette DATA: A look at March residential real estate data in Pearland, Friendswood Community Impact Newspaper Real estate down as expected due to COVID-19 shutdown The Grand Junction Daily Sentinel Hot Property newsletter: Real estate plows through the pandemic Los Angeles Times Charlotte's real estate market is still hot, and Costello REI gives us tips for homebuyers in 2020 CLTure Citi Looks at Suburban Real Estate, While MasterCard Tells Its Workers to Stay Home Commercial Observer Worcester County real estate transfers, Sunday, May 24 Worcester Telegram High-end deals - Buffalo Business First Buffalo Business First HABA Presents Online Panel Discussion on Real Estate and COVID-19 The National Herald Small hedge fund tries for change at a real estate trust, where activists often find a tough fight CNBC Stanley E. Sugarman, real estate firm owner who dealt with a segregated Baltimore in the 1950s, dies Baltimore Sun Uncertain Times Call for Reliable Data PropertyShark Governor Wolf Announces Real Estate Industry May Conduct Limited Business Transactions Statewide pa.gov Orlando real estate attorney says renters aren’t required to sign new COVID-19 agreements WKMG News 6 & ClickOrlando Century 21 Real Estate recognizes ProLink agents, offices Sioux City Journal Coles County real estate transactions | Local | jg-tc.com Journal Gazette and Times-Courier Aspen real estate snapshot: Highest and lowest sale of the week Aspen Daily News Real estate transactions for May 24, 2020 | Business Roanoke Times Recent Commercial Real Estate Transactions The New York Times Commercial Mortgages: Real estate investors trying to figure out the long-term impact from the pandemic Richmond.com Loaded with cash, real estate buyers wait for sellers to crack Crain's Chicago Business Law Firm Leasing Activity Craters as Industry Rethinks Its Real Estate Footprint | The American Lawyer The American Lawyer Mystery investor dumps big stake in real estate fund The Real Deal Despite coronavirus pandemic, Asheville's residential real estate market remains strong Citizen Times Local Legend Lost | Rabbi Real Estate Rap | Zoom-Bombing Crime Highland Park, IL Patch A real estate earnings call season for the ages The Real Deal Real Estate Showing Signs Of Collateral Damage- Part III Yahoo Finance Zillow restarts home-buying business, showing confidence in real estate amid ongoing pandemic GeekWire Another Real Estate Crash Is Coming Jacobin magazine Second Take: Real estate execs say the darndest things The Real Deal |
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