Refinancing a mortgage will come up sooner or later in your mind – if you are buying a home. You hear about deals that your friends got, and you wonder if you could do the same. The truth is that it is more than possible – but it is not for everyone. There are individual and economic situations that apply that will determine whether or not it is the best way for you to go. Here are some thoughts to help you determine if you should consider it.
How Long Will You Stay?
Refinancing your home could be a good idea if you are planning on living there for a number of years to come. If, however, you think you might be moving in a couple of years, then it probably would not be to your financial advantage.
Refinancing will give you lower interest rates which will result in a savings – that is the good news. Fees are added to the refinancing process, like closing costs and points – that’s the bad news. These fees that are attached usually means that it will cause you not to see any savings for the first three years or so, depending on how long you take the new mortgage out for.
What Interest Rates Can You Get?
When you are...
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