Is It Time to Refinance Again?

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Even if you refinanced before, you may find that it's time to refinance again. Rates are again at all time lows, and many people who refinanced as early as last year are mental about refinancing again. Many people are looking out that it might be smart to refinance, but go for a shorter term loan in order to pay off their home faster. By refinancing your existing 30 year loan into a 15 year loan, you will not only pay off your loan in half the time, you could save tens of thousands of dollars in interest payments. Keep in mind that refinancing into a shorter term loan will probably increase your monthly payments.

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Figure out what refinancing your home is in fact going to cost. Find out what you will have to pay in windup costs. For example, if your windup costs are ,000 and you will save 0 per month on your mortgage payment, it will take you 20 months to recoup your windup costs. If you are planning on staying in your home for more than 20 months, then it makes sense to refinance your home. The longer you stay in your home, the more savings you will see. For example, even if you stayed in your home for just 3 years, or 36 months, your rescue would be ,600. If you stayed 5 years, or 60 months, you would save ,800.

Remember, the loan with the bottom windup costs might not in fact give you the best savings. If you save 0 on the windup costs, but pay an extra 1/4 percent interest over the life of the loan, you will be paying substantially more in interest payments over the life of your loan. Make sure you look at both the windup costs and your payments to make sure you are getting the best deal and rescue the most money.

Make sure that you get quotes from manifold lenders. Make sure that you are comparing apples to apples, and get each lender to quote you for the type of loan you are looking for, for example a 15 year fixed rate loan, and make sure to get the estimated windup costs and fees. This way you can see which lender is contribution you the best deal. There are some great sites that will give you free, no compulsion quotes on your next loan. Using one of these sites is a great way to speedily see how much money you could save by refinancing and taking benefit of today's low rates.

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