Mortgage and Refinancing Information Channel:
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Should You Choose to Refinance?
Refinancing has become a valid option for many individuals with high interest rates on their mortgage. Refinancing is essentially a replacement loan, with a different lender and (hopefully) a lower interest rate.
So why would you choose to refinance?
Why would you avoid refinance?
If you decide to borrow more than your existing mortgage, you need to be wary of your budget. If you default on your payments you run the risk of losing your house.
If you do not calculate the costs involved with refinancing correctly, you could end up paying more in interest charges.
Thoroughly review the contract of your existing loan, an early pay out could involve a penalty that would negate the benefits of refinancing.
What will it cost me?
Refinancing does carry some costs that you need to be made aware.
Am I eligible?
Applying for mortgage refinance is just like applying for another loan. There is a set criteria for acceptance. Every missed mortgage payment will count against you in the application, either resulting in a greater interest rate or a refused application.
Should I choose refinancing?
You will need to assess your current mortgage and the changeover costs and savings to ascertain whether it will be of benefit to you. There are specific refinancing calculators that can help you determine the net gain. The best one that I have found is here http://www.calcbuilder.com/cgi-bin/calcs/HOM12.cgi/
As a rule of thumb many lenders advocate that a 1% gap between your current interest rate and a refinance rate makes refinance a worthwhile option. Always make sure to speak to a financial professional before deciding to refinance your mortgage.
About The Author
More information on mortgage refinance available at http://members.optusnet.com.au/~mortgagearticles/
MORE RESOURCES updated Fri. June / 02 / 2023
FHA's Mortgage Reduction Plan May Lower Monthly Borrower Cost Without Pricey Refinance - Investopedia
Older Homeowners Are Struggling to Refinance -- Despite Having Great Credit and Equity - The Motley Fool
Older Homeowners Are Struggling to Refinance -- Despite Having Great Credit and Equity The Motley Fool
Today's Mortgage, Refinance Rates: June 1, 2023 | Rates Finally Drop Business Insider
The Great Pandemic Mortgage Refinance Boom - Liberty Street ... Liberty Street Economics -
Compare Today’s Refinance Rates | U.S. U.S News & World Report Money
Today's Mortgage, Refinance Rates: May 21, 2023 | Rates are Flat for now, but Should Drop Later This Year - Business Insider
Today's Mortgage, Refinance Rates: May 21, 2023 | Rates are Flat for now, but Should Drop Later This Year Business Insider
How to Refinance a Second Home in 2023 Investopedia
What is mortgage refinancing and how does it work? Yahoo Finance
I’m a Mortgage Loan Officer: Here Are the 7 Questions You Should Always Ask Before You Sign for a Mortgage - Yahoo Finance
I’m a Mortgage Loan Officer: Here Are the 7 Questions You Should Always Ask Before You Sign for a Mortgage Yahoo Finance
UK mortgage borrowers face painful refinancing, warns think-tank Financial Times
Milliman analysis: Mortgage originations decrease 73% year-over-year in Q1 2023; mortgage default risk declines slightly - Yahoo Finance
Milliman analysis: Mortgage originations decrease 73% year-over-year in Q1 2023; mortgage default risk declines slightly Yahoo Finance
The Debt Ceiling's Impact on Interest Rates The Mortgage Reports
Justice Department Reaches Agreement with ESSA Bank & Trust to ... Department of Justice
2 Times to Consider an Adjustable-Rate Mortgage The Motley Fool
Today's best mortgage deal? 15-year terms hit lowest rate since mid-April | May 5, 2023 - Fox Business
Today's best mortgage deal? 15-year terms hit lowest rate since mid-April | May 5, 2023 Fox Business
Is a Green Mortgage Right for You? The Motley Fool
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders - CNBC
Refinancing your mortgage could save you thousands — here are some of the best refinance lenders CNBC
How does mortgage refinancing work? CBS News
Should I Refinance My Mortgage? - Buy Side from WSJ The Wall Street Journal
Today's Mortgage, Refinance Rates: May 29, 2023 | Rates Still High Business Insider
Here’s how sharply mortgage refinancing has dropped off Yahoo Finance
CFPB Launches Effort to Spur New Opportunities for Homeowners ... - Consumer Financial Protection Bureau
CFPB Launches Effort to Spur New Opportunities for Homeowners ... Consumer Financial Protection Bureau
Analysis | It Will Pay to Wait to Refinance Your UK Mortgage The Washington Post
Why Older People Can’t Get New Mortgages The New York Times
VA refinance rates - current VA loan refinance rates today Business Insider
Small Business Loan Refinance Bankrate.com
Current 15-year refinance rates today Business Insider
Refinance Closing: An Overview Zing! Blog by Quicken Loans