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After making one of the biggest decisions of your life—whether or not to buy a home—you took the plunge and became a homeowner. But after a few years of homeownership you now find yourself facing yet another big decision: should you refinance your mortgage?
Refinancing your mortgage involves research, paperwork, and fees. With that said, it’s a smart financial move for many homeowners. To help you decide whether it makes sense for you to refinance your mortgage, take a look at three primary reasons for refinancing:
Do any of these reasons feel relevant to you? Read on and find out more about whether or not refinancing is for you.
Once you understand why you might want to refinance your mortgage, it’s time to break down the mortgage lingo. This will give you a deeper understanding of refinancing your mortgage and help you find the best loan.
Interest rates for loans may feel like arbitrary numbers, but mortgage interest rates are important because they can increase or decrease the cost of your mortgage.
For example, if you took out a mortgage for $360,000 with a 4% interest rate and a 25-year amortization schedule, you would pay a total of $210,000 in interest during the life of the loan. If the interest rate were to increase to 4.5%, then you would pay an additional $30,299, for a total of $240,299 in interest during the life of the loan.
So, even though it may seem like 0.05% is a small amount, the interest rate percentage - even less than 1% - is an important factor. As you can see, refinancing your mortgage to secure a lower rate is a wise idea.
Before getting too excited about the money you’ll save throughout the life of your loan, it’s a good idea to make sure that you’re not spending more than you would save. Keep in mind that refinancing your mortgage may introduce a slew of fees. Here are a few examples of the fees associated with refinancing:
When considering refinancing your mortgage, run all the numbers and consider these three factors:
For example, if you have an interest rate of 5% and can save $10,000 over the life of your loan by refinancing with a rate of 4.75%, then you should make sure that the refinancing fees are less than $10,000.
Lower mortgage payments may provide you with immediate relief if you’re focused on paying other bills, eliminating debt or building savings. Refinancing your mortgage may also be a great way to secure a lower monthly payment. Yet, before you take the plunge and refinance, make sure you fully understand the ins and out of associated fees and how your new loan term can affect your monthly payments. Take a look:
Lower mortgage payments are wonderful, but they often go alongside a longer loan. Before you refinance your mortgage, you might want to check the length of your new loan. Here’s how it works - the longer the loan, the more interest you’ll pay. So if you have 15 years left on your mortgage and refinance to a 25-year amortization schedule, you’ll probably have lower monthly payments but you’ll likely pay more in interest throughout the loan term. If this sounds complicated, just remember: a longer loan typically equals more interest.
Changing your loan type can be a great way to save money on interest, decrease the length of your loan or secure more favorable terms. Here are a few things to keep in mind if you want to change your loan type.
There are many different loans to consider when it comes to refinancing your mortgage.
When it comes to changing your loan type, keep in mind that it’s most important to find the best loan for your situation and goals.
Refinancing your mortgage is a big decision. After exploring your options and experimenting with the numbers, you’ll be ready to make an informed decision that takes into account both your short-term and long-term financial goals. We have researched the TOP lenders in the US that will get you the best options for your rate with NO obligation on your side so you can compare and see how much you can save.