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Refinancing Your Mortgage


When is it time for a Mortgage Refinance?

A friend at work just told you they refinanced their mortgage at a lower rate and now have lower monthly mortgage payments. Is a mortgage refinance right for you?

Simply put, a mortgage refinance is a great way to lower your monthly payments at little or no cost. How does this work? When interest rates go lower, mortgage companies are willing to give you the money you need at a lower rate than you are paying today. Although there may be some closing costs involved, these can usually be rolled into the mortgage refinance as if they were part of the original amount owed. Your payments still end up lower at no cost to you!

Comparing Mortgage Refinance Rates

When is the right time to refinance a mortgage? There is no way to tell when rates will stop going down and eventually turn upward. So you don't want to wait too long once mortgage rates start moving in your favor. Generally after a 2 point drop, you can gain significant reduction in your payment. But you can refinance at any time and still save money.

Where is the best place to check rates? There are many companies that can provide you with a side by side comparison of mortgage rates. You can fill out a simple form and quickly get several mortgage refinance rate quotes from lenders in your area. We are working with a partner right now to provide that service for you shortly.

How long does it take? Once you lock in the rate, you can usually close in a few days. Your mortgage lender will arrange all the paperwork to be completed. You just need to go sign the new mortgage refinance and your ready to go.

How long should you refinance for?

You can refinance your mortgage for the original time period you chose, or a shorter period. If you choose to do your mortgage refinance for the same period, your payments will be much lower. If you choose shorter period, your payment may be the same as it was before, but the time it will take to pay off your loan will be much less.

There are a lot of personal decisions in refinancing your mortgage, but the overall goal is to reduce the amount you pay in the end.


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