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Are Paying Too Much To Refinance Your Mortgage? Find Out!
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Thinking of Refinancing your home? Refinancing your current mortgage can result in a sizable decrease in your monthly mortgage payment.
Refinancing means taking out your existing mortgage financing and replacing it with a better interest rate and more favourable terms. Refinancing your home can save you thousands of dollars if not hundreds of thousands over the period of the loan.
Here are some quick tips to keep in mind when you get a mortgage quote from a prospective lender:
- If you plan on staying in your home for 3 years or longer, refinance is a good option.
- The cost of refinancing is usually 3 to 6 percentage points on your current mortgage outstanding principal. If your current home mortgage has a clause which penalizes you for early payments, it could cost you higher in refinancing. The best advice is to compare interest rates, closing costs and fees of several home mortgage refinancing options. Get the best California Mortgage quote and compare from up to four lenders to see if refinancing is in your best interest.
- Get information on the interest rate and length of time for refinancing.
- Understand the fine prints: Is it an adjustable-rate mortgage? Is it a fixed-rate mortgage? etc.
- Get a calculation on the reduction of your monthly mortgage payment due to the mortgage refinance and also a calculation on the length of time it will take to recover the cost of your mortgage for refinancing.
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