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Should You Refinance?
There are several reasons that might make someone consider
refinancing their existing mortgage. One would be to get a lower
interest rate than what they currently have, thereby reducing
monthly payments and lowering the overall cost of the mortgage.
Another is to shorten the length of the loan, which can save
quite a bit in interest payments. Thirdly, someone may have other
debts that they wish to pay off, and refinancing may provide them
a means of consolidating that debt into one overall lower
payment.
A lower interest rate isn't the only thing that should be
taken into account when thinking about refinancing. There are
costs and fees associated with refinancing your mortgage. The
bank will charge fees, there will be costs for a new inspection
and a new appraisal, title search, and so on. The process that is
gone through is very much like the process that one goes through
on getting a first mortgage. It requires a new application with a
new credit check, survey, and sometimes an appraisal. As it is
with a first mortgage, this can be a long and costly process.
In general, it makes sense to refinance if the interest rate
on the new loan is at least two percentage points lower than that
of the current loan, although this is not always the case. Some
things that need to be taken into consideration are the total
cost of the refinancing, the total monthly savings, and how long
you plan to stay in your house after you refinance. You can
calculate how long it will take you to break even on refinancing
costs by dividing the total cost of the refinance by the monthly
amount you will be saving. For example, if the cost is $2,500,
and you reduce your monthly payments by $100, then it will take
25 months to start seeing the savings from the reduced mortgage
rate. If you plan on staying in your house longer than this, then
it may just make sense for you.
Another reason that someone might consider refinancing is if
they are trying to consolidate debt. In such cases, there is also
the tax impact that one should look at. Many loan types are not
tax deductible, whereas mortgage loans are. Therefore for that
reason alone it may be a good idea to consolidate outstanding
credit card debt, student loans, car loans, as well as
others.
Some people may not have a choice about refinancing, it is a
must for them. This happens in cases where they have a loan with
a balloon payment coming up and no conversion option. In
instances like this the best bet is to refinance the mortgage a
few months before the balloon payment is due.
If you do decide that the costs associated with doing a
refinance outweigh the benefits, you should ask your bank or
financial institution if you can get some of the terms that you
want by agreeing to a modification of your current loan. However
you choose to go, remember that it always makes sense to consult
with a mortgage professional before making your move. This can
end up saving you both time and money. You should also do
research before making a decision. Spend some time on the web
familiarizing yourself with what you are getting yourself into.
Take the time to read up on and understand what your options
are.
More on Mortgage
Refinancing.
Michael VanDeMar
 MORE RESOURCES updated Thu. February / 09 / 2012
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New HARP Could Help Up to 6.7 MillionNASDAQOther changes to the program were designed to make it easier for homeowners with private mortgage insurance (PMI) to refinance or to obtain a HARP mortgage refinance with a lender other than their current mortgage servicer. In addition, new limits were ...and more » |
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