3 Considerations to Help Decide Whether to Refinance Your Mortgage

Thinking about refinancing? HSH.com has everything you need to help you get your refinance underway. We can help you determine whether refinancing is right for your situation, show you how to compare and minimize refinancing costs, provide you with strategies to achieve your goals and even help you locate lenders to handle your new mortgage.

Tip: Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.

You are considering refinancing your mortgage. Your current loan is at 7% with 14 years left and was negotiated one year ago with $2,000 closing costs. The new loan would be 5.5% for 15 years with closing costs of $1,500. Describe how you would decide whether to refinance. include qualitative considerations. provide examples of your calculations.

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If you’re ready to refinance, follow these steps to get the best possible deal on your new mortgage. 5 Steps to Refinancing Your Mortgage 1. Prepare Your financial review. lenders need your complete financial picture to determine whether you can afford your new mortgage payment.

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A mortgage loan refinance is a great way to lower monthly payments and free up much needed cash. In order to determine whether a refinance is right for you, there are several factors to consider. Your Embrace Mortgage Specialist can help you determine whether you should refinance and just exactly how much money you can save each month.

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Your loan officer or mortgage broker can help you determine when you’ll break even. 3. Will you – and your home – qualify to refinance? Even if a refinance makes sense in your situation, you’ll still need to qualify. And just because you have a home and are making timely payments does not mean you’ll be able to refinance your loan.

if your mortgage rate is 4.75%, is it worth refinance at 3.5% with 29 years left in the old mortgage? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

2019-09-12  · . refinance tool helps you with two important considerations: how refinancing will impact your mortgage payment, and whether. A refinance calculator.