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Mortgage Refinancing

More rates are still at an all-time low and you are considering refinancing your mortgage. Before you take that step, there are a few things that you should consider to make sure that the refinance is going to benefit you financially.
Will You Save Money By Refinancing – You need to take into consideration all the fees that are included with the refinance, not just the money you are going to save monthly. Often times with a refinance, there will be funding fees, application fees, and possibly an appraisal. Make sure that you are going to break even in the next few years with the fees of a refinance. If you plan on selling your home in the next 4 years, a refinance will most likely not benefit you.
Do I have to Refinance with my Current Lender – The answer is NO. You can shop around and see who is offering the best rates with the lowest fees. Often, a lender will want your business and they can match what another lender has offered you. Just make sure that your total fees and amount saved each month is to your advantage.
Will My Credit Score Affect my Refinance – Your ... more

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