Should You Choose to Refinance?Refinancing has become a valid option for many individuals with high interest rates on their mortgage. Refinancing is essentially a replacement loan, with a different lender and (hopefully) a lower interest rate. So why would you choose to refinance?
Why would you avoid refinance? If you decide to borrow more than your existing mortgage, you need to be wary of your budget. If you default on your payments you run the risk of losing your house. If you do not calculate the costs involved with refinancing correctly, you could end up paying more in interest charges. Thoroughly review the contract of your existing loan, an early pay out could involve a penalty that would negate the benefits of refinancing. What will it cost me? Refinancing does carry some costs that you need to be made aware.
Am I eligible? Applying for mortgage refinance is just like applying for another loan. There is a set criteria for acceptance. Every missed mortgage payment will count against you in the application, either resulting in a greater interest rate or a refused application. Should I choose refinancing? You will need to assess your current mortgage and the changeover costs and savings to ascertain whether it will be of benefit to you. There are specific refinancing calculators that can help you determine the net gain. The best one that I have found is here http://www.calcbuilder.com/cgi-bin/calcs/HOM12.cgi/ As a rule of thumb many lenders advocate that a 1% gap between your current interest rate and a refinance rate makes refinance a worthwhile option. Always make sure to speak to a financial professional before deciding to refinance your mortgage. About The Author Brad Slade More information on mortgage refinance available at http://members.optusnet.com.au/~mortgagearticles/
MORE RESOURCES updated Sat. April / 27 / 2024 Mortgage Refinance Rates: Compare Current Rates Business Insider 10-year refinance rates: What to know about the current market CNN Underscored Should You Refinance Halfway Through Your Mortgage? Bankrate.com How to Refinance Your Mortgage NerdWallet Mortgage Interest Rates Today, April 26, 2024 | Are Homebuyers Adjusting to Higher Rates? Business Insider Loan Modification Vs. Refinance Bankrate.com 30-Year Mortgage Refinance Rates Business Insider Mortgage Interest Rates Today, April 24, 2024 | Rates Still Slated to Go Down This Year Business Insider 15-Year Mortgage Refinance Rates: Compare Current Rates Business Insider Types of Mortgage Refinance Options Bankrate.com Only Half Of Black Seniors Approved For Home Repair Or Refinance Loans To Age In Place Block Club Chicago Mortgage Interest Rates Today, April 22, 2024 | The Still-Hot Economy is Keeping Rates High Business Insider How To Get The Best Refinance Rate Bankrate.com Average Mortgage Interest Rates: Mortgage Rates by Credit Score, Year, and Loan Type Business Insider The best mortgage lenders for refinancing in April 2024 CNN Underscored Best Mortgage Refinance Lenders In 2024 Bankrate.com Mortgage Interest Rates Today, April 21, 2024 | Rates Remain Near 7% Business Insider Should You Refinance Your Mortgage In 2024? Bankrate.com Best Refinance Lenders of April 2024: Refinance Your Mortgage The Motley Fool Current mortgage refinance rates CNN Underscored MBA: Mortgage Applications Decreased in Weekly Survey Calculated Risk When to Consider Refinancing Your Mortgage Business Insider How To Refinance A Rental House Bankrate.com Refinance Requirements: What You Need to Refinance Your Home in 2024 The Mortgage Reports Mortgage Rates Chart | Historical and Current Rate Trends The Mortgage Reports How Soon Can You Refinance a Mortgage? NerdWallet Best Mortgage Refinance Lenders of April 2024 Business Insider How To Refinance An Underwater Mortgage Bankrate.com 30-Year Mortgage Rates Move Lower for a Third Day Investopedia Conventional Refinance Rates and Guidelines for 2024 The Mortgage Reports Current 15-year refinance rates — and lenders that offer them CNN Underscored 30-year refinance rates: What to know CNN Underscored Refinancing a Home Equity Loan (2024 Guide) MarketWatch Mortgage Rate History: 1970s to 2023 Bankrate.com When should I refinance my mortgage? To determine if a refinance is the right move for you, you’ll need to know the ... The Wall Street Journal Mortgage Rate Forecast February 2024 Bankrate.com Pros and Cons of a Cash-Out Refinance Bankrate.com Mortgage Rate Predictions: Are 7% Rates Here to Stay in 2024? Norada Real Estate Investments What Credit Score Do I Need To Refinance? Bankrate.com Should I Refinance My Mortgage Now? When to Refinance As Rates Drop Business Insider Office of Research blog: A look at cash-out refinance mortgages and their borrowers between 2013 to 2023 Consumer Financial Protection Bureau Mobile Home Refinancing | Loans & Rates 2023 The Mortgage Reports
|