Theyour mortgage can be tempting, but whether or not it’s a good idea depends on your individual circumstances and how much it’s going to cost to obtain a new mortgage.
Since mortgage refinancing is usually meant as a way to save money on the cost of your home payments, it’s important to consider how a switch will affect your monthly payments and lifetime costs. You should consider refinancing when:
5 Reasons You Should Consider Refinancing Your Mortgage Signing up for a mortgage loan doesn’t mean you’re trapped in that rate or term. Refinancing means paying off your existing mortgage with a new one, potentially with a lower rate or monthly payment.
The first thing you must do when considering refinancing is to consider exactly how you will repay the loan. If the home equity line of credit is to be used for home renovations in order to increase the value of the house, you may consider this increased revenue upon the sale of the house to be the way in which you will repay the loan.
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Here we’ll help you understand the pros and cons of refinancing so you can evaluate whether it’s the right time to consider refinancing. Refinancing your mortgage When you choose to refinance your mortgage, it means that you’re replacing your current mortgage with a new one – with new terms, conditions, closing costs and maybe a new lender.
With a refinance, you could switch to a fixed-rate mortgage and get a low rate that won’t increase. PrimeLending is committed to helping you navigate each and every step of the mortgage process. If you’d like to learn more about refinancing, get in touch with one of our qualified home loan specialists today.
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The formula above doesn’t measure your total savings over the life of the new mortgage. A refinance can cost more money in the long run if you start your new loan with a 30-year term.
Regardless of your goal, the actual process of refinancing works much in the same way as when you applied for your first mortgage: you’ll need to take the time to research your loan options, collect the right financial documents and submit a mortgage refinancing application before you can be approved.