ANALYZE YOUR SAVINGS (769 downloads) Check the market closely to determine the available rates and the costs associated with refinancing. These costs can include items such as an appraisal and other various fees and points. Then determine what your new payment would be
BUILD HOME EQUITY FASTER (496 downloads) Many borrowers use a refinance to shorten the term of the mortgage. And brace yourself: Even at low rates, a shorter term means a higher monthly payment. The benefit is that you’ll build up equity faster and pay far less in total interest
CONSIDER OTHER MORTGAGE PROGRAMS (560 downloads) If you are thinking about refinancing your mortgage, you might want to consider other types of mortgages. For example, you might want to look into a 15-year, fixed-rate mortgage. In this plan, your mortgage payments are
DECIDING TO REFINANCE (712 downloads) Traditionally, the decision on whether or not to refinance has meant balancing the savings of a lower monthly payment against the costs of refinancing. But in recent years, companies have introduced “no cost” and low-cost refinancing
GET YOUR HANDS ON SOME CASH (511 downloads) Another way to make a refinance work for you is to refinance for more than the balance remaining on your old mortgage — in effect, tapping your home equity, or “cashing out,” in mortgage speak. Thanks to favorable rates, you
MORTGAGE REFINANCE COSTS (675 downloads) When you refinance your mortgage, you usually pay off your original mortgage and sign a new loan. With a new loan, you again pay most of the same costs you paid to get your original mortgage. These can include settlement costs, discount
PAYING POINTS FOR A LOWER RATE (510 downloads) In refinancing, a mortgage company usually offers a range of interest rates at different amounts of points. A point equals one percent of the loan amount. For example, three points on a $100,000 mortgage loan would add $3,000 to the refinancing charges.
REFINANCE ONCE THEN DO IT AGAIN (530 downloads) When rates fall steadily, refinancing may make sense even if you have done so once already. Bob and Michelle Barbo of Kirkland, Wash. refinanced twice within three months in 1998. In October, they trimmed the rate on their 30-year
YOUR PERSONAL INCOME TAXES (462 downloads) With a lower interest rate on your home loan, you will have less interest to deduct on your income tax return. That, of course, may increase your tax payments and decrease the total savings you might obtain from a new, lower-interest mortgage.
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