There are two nightmares plaguing our society today. The first is buying a gem of a car, and the second is getting stuck with an expensive refinance mortgage loans. Which is yours?
Jumping Into Quicksand
It is unwise to hurry a loan with insufficient information. Before you can extricate yourself from the mess, you have already sunk neck-deep into the quicksand of an expensive refinance mortgage loan, lured by the promise of lower interest rates.
Failure to understand how a refinance mortgage loan works, and the neglect of reviewing and comparing the features of different loans, including the policies of the various lending companies can result in 15-30 years of painful payback.
Ideally, a refinance mortgage loan should give you the advantage of lower monthly bills compared to the existing loan you will close. Of course, the longer the loan repayment period the lower the monthly dues, but if you sum it up, you will find out that you are paying not only double your loan but also triple.
A 30-year fixed rate switched to a 30 year adjustable rate, will lower monthly bills but after the honeymoon, get ready to pay more. If you were not aware...
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