Should You Be Refinancing Your Home?
Refinancing your home should only be attempted if you can see a savings
in your interest costs or monthly payments. That means you need to
consider your current mortgage situation, future housing plans, and
potential financing options before committing to refi. Only you can determine
if refinancing is the best choice.
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
Evaluate Your Current Mortgage
Before you jump into the refinancing process, check to see how much
interest is left to pay on your mortgage. With amortization, the majority
of interest on your mortgage is paid at the beginning of the loan term.
So to save the most money, refinance early on in your loan period.
Adjustable rate mortgages are also prime candidates for refinancing
when the introductory low rate periods are over. Even with caps, borrowers
can find their monthly payments doubling or years added to their loan
term. Rolling over to a fixed rate will protect you from these rate
jumps.
Allow Enough Time To Recoup Costs
The general guideline for recouping refi costs is to keep your mortgage
for at least seven years. However, if the rate difference between
mortgages is more than a point, you can recoup these costs in a shorter
period.
Another option is to roll over closing costs as part of your mortgage.
That way your costs are spread over several years, so you don't lose
too much if you move in a year or two.
Find Potential Lending Options
Only by researching mortgage lenders can you determine if refinancing
can save you money. Online lenders allow you to compare posted rates,
fees, and terms. You can even request loan quotes based on your unique
credit standing.
One cautionary note on requesting loan estimates – keep your loan
search to a 45 day period. Multiple credit inquires for refinancing are
treated as one inquiry in that 45 day period. After that, those inquires
are seen as individual checks and will temporarily drive down your credit
score and ability to get low rates. So if you aren't sure you want to
refinance, don't give permission for lenders to check your credit.
Refinancing your home loan has the potential to save you thousands of
dollars under the right circumstances. So take some time to analyze your
current mortgage, and then search for the right financing.
Our Recommended Refinance Mortgage Lenders:
Top Recommended Companies To Refinance With:
(updated ):
Act Now! Lower your monthly mortgage payment!
- Competitive rates and no hidden fees
- Bad Credit OK
- New Purchases, Home Equity & Refinance
- One dedicated mortgage banker from first call to closing
- Quick Application with worthwhile results
If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.
Mortgage rates are still low. Refinance & Lower Your Payment!
- Get Started on a Lower Payment Now!
- America's #1 Online Lender
- Save More and Spend Less!
- No Obligation and Free Expert Advice Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.
If you have some net worth or more particularly owe less on your current home mortgage than your home is worth than you could take advantage of a refinance on your mortgage loan and the low, low rates currently available. Refinancing your home is not free so it is important to shop around for a reputable lender to help get you the best interest ratepossible given your credit score.
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