When you refinance your home, you get a new loan to replace the one you already have. You might do that to:
Get a lower interest rate
Combine or pay off bills
Get money for home improvements or repairs
Things to consider before you refinance
Refinancing to get a lower interest rate will probably save you money if:
The new interest rate is 2% or more below the rate you pay now; and
You plan to stay in your home for three or more years.
If you refinance to consolidate bills and pay off debts, your total monthly payments may be less than what you pay now. However, your monthly mortgage payment will be higher. Be aware that if you get behind on your monthly mortgage payment, you can lose your home.
If you just need money for home repairs, you may qualify for a low interest government loan.
How do I find a lender?
Banks, mortgage companies and credit unions are the most common lenders. Here are some tips for finding a lender:
Contact three or more lenders. Look for a loan with the lowest interest rate, points and fees.
Be sure the lender is licensed and in good standing. Call the Department of...
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