Mortgage Refinansing Help

Mortgage Refinancing Help: Independent

“Changing the term of your mortgage can help in several ways. First, if you were to refinance your current mortgage from 30 years to 15 years, you will accelerate the rate at which you pay towards principle each month meaning your house will be paid off quicker. Also, you will save an unbelievable amount of money in terms of interest because you would likely be taking 10 to 15 years off the life of your loan. Second, you can also refinance a 15 year mortgage to a 30 year mortgage. It seems like it might not make sense to do this, but if you have an immediate need to free up monthly cash-flow and you don't want to take out a home equity loan, this can work out to your benefit. When you take a 15 year loan and refinance it to 30 years you will have the same balance only the payments can be hundreds of dollars less than the 15 year loan. The only draw back to this is you will pay more in interest over the live of the loan. ”

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If you are paying private insurance on your current mortgage, refinancing may allow you to do away with this unnecessary expense.

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Closing costs can be expensive. If you plan on refinancing your home to save money, be sure to take into consideration how much the closing costs on the new loan will cost you.

You can also save money on your mortgage refinancing by paying "points." This is a fee that effectively lowers the interest rate of your loan. If you plan on staying in your home for a long time, this long-term strategy can be an excellent way to save thousands of dollars.

If your new mortgage rate seems too good to be true then it probably is. Check for hidden fees in your mortgage that will make up that suspicious difference.

There is no such limit on the number of times you can go for home refinance loans. Most lenders prefer that you have no late payment for the past 12 months before you switch over to a new loan.