You should carefully consider the costs of any prepayment penalty against the savings you expect to gain from refinancing. If you’ve kept your credit score in pretty good shape since getting the original mortgage, and if you have enough income, qualifying for a refinance shouldn’t be a problem.
Refinancing your mortgage can be a great, money-saving option for many homeowners, especially if your credit score has improved and you’re refinancing for a lower interest rate. However, there are also associated costs that must be considered, including fees which can range from 2% to 5% of your balance due. Could this be a great time to refinance
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Since mortgage refinancing is usually meant as a way to save money on the cost of your home payments, it’s important to consider how a switch will affect your monthly payments and lifetime costs. You should consider refinancing when: Interest rates are down, and you plan to stay in your home for the long term
If your current mortgage rate is higher than the current average (see Freddie Mac for this info), then refinancing could be beneficial. If you have good credit and are current on your mortgage and other debts, refinancing might mean a lower interest rate and thousands less in interest costs over the life of your loan.
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A homeowner should consider how long she plans to keep the home when considering a refinance. If the plan is to own the home for a long time, the interest savings from a modest rate decrease can.
If you’ve kept your credit score in pretty good shape since getting the original mortgage, and if you have enough income, qualifying for a refinance shouldn’t be a problem. But you could run into problems if you’ve experienced credit problems in recent years, or if your income has changed significantly due to a job loss, retirement or other reasons.
Done correctly, refinancing can be a good financial move (always consult a financial adviser first, of course). Once you’ve decided to refi, reach out to a Michigan Mortgage professional to get the process going. Here are 5 reasons to refinance. Your credit score has improved since the original mortgage closing.
2019-07-18 · Should You Pay Extra on Your Mortgage?. / Mortgage Refinancing. you should consider whether the potential gains from investing the money in long.