Refinancing A Mortgage: Is It Too Soon?

Because mortgage rates are still hovering near record lows, many homeowners are considering refinancing to a lower interest rate. This is a great way for homeowners to shorten the term of the loan, reduce the size of their monthly payments, and access cash for a home improvement project. On the other hand, there are some situations where it might be too soon to refinance an existing mortgage. What are a few factors to consider?

What Are The Most Common Mistakes Homeowners Make When Refinancing?

There are lots of people who are looking to take advantage of low-interest rates to refinance their homes. This provides homeowners with an opportunity to save tens of thousands of dollars over the life of the loan. It could also allow homeowners to access equity to finance a home renovation or shave years off their mortgage. On the other hand, there are also a lot of people who make mistakes during the refinancing process. What are some of the mistakes that everyone should make sure they avoid?

Should Homeowners Refinance?

Most people have heard the saying that it might be a good idea to refinance if mortgage rates drop. For those who might not know, refinancing is essentially taking out a new loan to replace the old one because the new loan has a lower interest rate.

3 Signs It Is Time For You To Refinance Your Mortgage

If you are looking for ways to save money on your mortgage, refinancing might be a good option. For those who might not know, refinancing can help a homeowner reduce monthly mortgage payments by switching to a lower interest rate.

The Four Best Questions To Ask Before Refinancing Your Mortgage

When trying to decide what to do, compare the cost of refinancing with what it would cost you in additional interest to hold on to your existing loan. While the breakdown is different for every borrower, generally, you’ll need to keep your current house and loan for anywhere from three to six years to break even on the costs of refinancing.