3. Refinance your mortgage. You can shorten or extend the amortization period when you refinance. When you refinance, your payment schedule is recalculated to reflect the new terms. If you can lower your payments by finding a lower rate, you could consider putting some of the money you save, towards the loan to pay it off faster.
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Historically, the rule of thumb is that refinancing is a good idea if you can reduce your interest rate by at least 2%. However, many lenders say 1% savings is enough of an incentive to refinance.
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The answer to your question is that you can refinance your home as often as it makes sense. Your bank doesn’t want to foreclose on you and will do everything they can to help you stay in the house. They aren’t doing everything they can to help you stay in the house because they’re helpful but because it is less expensive for them.
When your goal is to pay less every month, you can refinance into a loan with a lower interest rate. Another way to reduce the monthly payment is to extend the loan term – say, from 15 years to 30.
Some loans include prepayment penalties. These penalties charge expensive fees if you sell or refinance your home before a certain amount of time has passed-typically one to five years from the original loan date. If this is your situation, you can calculate if the savings you’ll see from refinancing outweigh prepayment penalty fees.
If so, then chances are that refinancing would not be worth it. It is suggested that homeowners only should refinance if they will be in their homes for at least three years after the fact. On a more individual basis, you should consider your goals for a refinance before deciding to attain one.
You might even want to take more cash out of your home. Whatever your reason, here are your options and the steps you need to take in each case. Option 1: Do a Cash-Out Refinance A cash-out refinance.