| It can be very difficult to know if you should refinance | | | | Check to see how many years you have left on your |
| you mortgage or not because there are so many | | | | current mortgage and then use that number of years |
| factors that come into play. You will need to look at | | | | on the mortgage calculator. That way everything |
| the current interest rates, closing costs and monthly | | | | stays the same and you'll really be able to see the |
| payment options before even considering a refinance. | | | | savings. |
| The current interest rates will be the biggest factor for | | | | In this economy it's a much better idea to get a fixed |
| you to consider. Find out what your rate is now and | | | | rate mortgage instead of the adjustable rate. And |
| how much lower the new interest rate will be. Then | | | | ARM rate will adjust each year based on the new |
| plug that information into a mortgage calculator to see | | | | interest rate, and right now it looks as though interest |
| how much money you can save per month. Then you'll | | | | rates can only go up. They're at an all time low without |
| have to figure out how much the closing costs will be | | | | much room to move lover. However, if you get the |
| to find out if it's worth refinancing. | | | | ARM rate then you risk the chance of your mortgage |
| If you can save $100 per monthly on your mortgage | | | | sky rocketing. |
| then you should find it to be worth the refinance. | | | | You can find a free mortgage calculator online that will |
| Usually it's about $1200-1500 to refinance with the bank | | | | help you make these decisions. Just plug in the amount |
| so it would take you about 15 months to get your | | | | of years and the current interest rate to figure out if |
| money back. | | | | you should or shouldn't refinance your mortgage. Once |
| Make sure you don't use 30 years on the interest | | | | you know how to use any type of interest calculator |
| calculator because you don't still have 30 years left on | | | | you should find it easy to make the decision on your |
| your mortgage and you don't want to start over. That | | | | own. |
| will defeat the purpose of the refinance completely. | | | | |