Compare Refinance Mortgage Rates in State
1 When does refinancing make sense?
Home owners refinance for a number of reasons. The most common reasons include the need for a reduced monthly payment, smaller interest rate, shorten the length of the loan or to change the type of loan (i.e. switching from an Adjustable Rate Mortgage to a Fixed-Rate).
2 What type of fees are involved when refinancing?
Like a mortgage, refinancing costs money. There are loan origination fees, application fees, appraisal fees, title search fees, and attorney fees, among others. Remember, all of these costs need to be wrapped up in the refinancing package, along with the loan amount, even with the so-called "no-cost refinancing."
3 Is a 15-year mortgage right for you?
If a lower interest rate can be obtained, refinancing to a 10- or 15-year mortgage may help you save money in the long run, as long as the payments fit within your budget.