3 Considerations to Help Decide Whether to Refinance Your Mortgage

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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.

Why consider refinancing? Lowering your interest rate. The interest rate on your mortgage is tied directly to how much you pay on your mortgage each month–lower rates usually mean lower payments. You may be able to get a lower rate because of changes in the market conditions or because your credit score has improved.

Those whose credit scores were less-than-stellar when mortgage rates were at their lowest a few years ago might be wondering whether. decide refinancing is still the right choice, start looking for.

Calculate whether you will get any savings by rolling the second mortgage into your refinance, or work with a mortgage banker who can walk you through the math. You could also use this cash to restructure other debts, paying off high-interest rate credit card or other debt with the lower rate of your new mortgage.

How to Decide Whether to Refinance a Fixed-Rate Mortgage If you have a fixed-rate mortgage and interest rates drop, you may want to refinance the same mortgage loan to reduce your monthly payments. The following table shows monthly payments for 15- and 30-year fixed-rate mortgages.

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Mortgage. to consider, which is why you need to do these kinds of calculations before you decide to refinance. If you’d like more insight on when you should and shouldn’t refinance your mortgage,

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.

Below is a chart showing interest rates in the U.S. over the past 1 year: average rates for a 30 year mortgage peaked at 4.94% around November of 2018, and have since dropped to an average of 3.81.

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A mortgage refinance replaces your home loan with a new one. People refinance to save money, tap the home’s equity or trade an ARM for a fixed-rate loan.