![]() ![]() ![]() But they are all usually aimed at one goal - saving money. You may look to refinance your original mortgage for a variety of reasons. Common Reasons to Refinance your Mortgage The refinance application process may also call for a home appraisal and inspection. In other words, a lender will again scrutinize your credit history, debt-to-income ratio, employment history, income, and home equity stake to determine if you qualify for a new loan. Refinancing requires completing a new mortgage application, although some lenders and certain loan products may offer a "streamline" process that eliminates some paperwork and costs. Mortgage refinancing is the process of replacing your current mortgage with a new loan to either lock in a lower interest rate, adjust your loan term, or even take cash out of your home. ![]() To get the most out of this calculator, be sure to read any commentary that appears with the results. Results appear below the calculator inputs. Just fill in the boxes with the basic information from your existing loan and that from your expected new loan, then click "calculate". How to use this "Should I refinance my mortgage?" calculator Once you've decided to refinance, you can also learn the best way to pay for your refinance using our Tri-Refi calculator. This calculator will show how your mortgage payment will change if you refinance, when you can expect to recover your closing costs and when interest savings really begin to start, if ever. Shop and compare today's best mortgage refinance rates Believe it or not, it can even be possible to save money for a time with a refinance even if your new interest rate is higher than your existing one! It's all about the intersection of interest rates, costs and your expected time frame. Just as it's possible to save money with a refinance, it's also possible that your refinance will cost you money. But it's important to know the real costs - and potential savings - before making a move. Whenever interest rates drop, the appeal of refinancing your mortgage grows. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |