Is it a good idea to refinance your mortgage?
Posted by @TopMortgageRate
"Should I refinance?" Good question
As mortgage interest rates continue to hover in their record low three-to-four-percent range, millions of homeowners continue to wonder, "Should I refinance my mortgage?" Surprisingly, the availability of a lower rate is only part of the equation. Sometimes, you'd be better off applying the money toward your principal balance instead.
Click to see your low-downpayment loan eligibility (Sep 5th, 2017)Why refinance?When you refinance, you pay off the existing mortgage loan and replace it with a new one. The property securing the mortgage remains the same; just the interest rate and terms on the new loan change.
When does refinancing make sense?
Homeowners refinance for a variety of reasons, including:
The answer to the question, "Should I refinance?" depends on what you hope to accomplish by re-doing your mortgage, and whether refinancing nails that objective.
When refinancing may not be a good idea
Refinancing is a good idea only when it will do what you want it to do. For instance, if you need to lower your monthly payment by $100 to afford your monthly expenses, and you can get that done with a refinance, it probably makes sense.
See full article on themortgagereports.com