The Real Estate Encyclopedia
How Do I Get Started If I Want To Refinance?
Category - Mortgage Questions - Refinancing FAQ's

The first step you need to take is to be sure it makes sense to refinance. Ask yourself the following questions:

 

       What are the interest rates at present and how do they compare?  Are they lower or higher than what I am paying?

 

       If the rates are lower, what will the difference be in my monthly payment, if I refinance?  (Visit a banks website and use their calculator to run the numbers).

 

       How many years do I have left to pay my loan?

 

       Am I planning to sell any time soon?

 

       What will the cost of refinancing be?  (Call different lenders and find out what their closing costs are?)

 

       Do I need cash to pay off other, higher interest rate debt?  How much do I need?

 

Once you establish that the time is right and you will financially profit from refinancing, call several banks and mortgage brokers and have them run the numbers for you.  Do not commit until you have the scenario, which is most profitable for your needs. 

 

 
Category(s)
Mortgage Questions - Refinancing FAQ's
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