To Get A New Home Mortgage (Refinance) Or Not : That Is The Question
When is it right to get a new home mortgage and when is it not financially wise to do so? Find out through this informative article.
More and more people are opting to get a new home mortgage to replace their existing ones. This should not be surprising considering the potential for getting better deals when you refinance your loan. You can lower your interest rates to a favorable extent, and you can save up quite a lot to pay off your principal sooner than if you still with your existing loan.
However, some people still choose to wait it out or look for the right timing before they jump right in and get some mortgage refinancing. This is primarily because interest rates have seemed to slowly increase in the recent years, and home owners who refinance seem to face the risk of getting even higher interest rates later on. So the question still remains, should you refinance or not? Should you get a new home mortgage now or wait a little more for a better time?
For the longest time, the 2% formula in refinancing has been believed by many people. It basically says that home owners should...
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