Homeowners in the United States refinance their mortgage on average every four years. How can you decide if a home mortgage refinance loan right for you? Everyone's financial situation is different and choosing the wrong home mortgage refinance loan could result in overpaying thousands of dollars. Here are several tips to help you decide if mortgage refinancing is right for you.
I. How Long do You Plan on Keeping Your Home?
The longer you plan on living in your home the more sense it makes for a home mortgage refinance loan. The reason you need to stay in your home is that it will take time to recoup your expenses from mortgage refinancing. You can determine if mortgage refinancing is worth your while with a simple mortgage calculator. Divide the cost of lender fees and closing costs by the amount you are saving on your monthly payment and you can calculate how long it will take you to recoup the cost of mortgage refinancing.
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II. What are Your Needs for Mortgage Refinancing?
Are you considering a home mortgage refinance loan to lower your monthly payment amount due to your cash flow or are you wanting to pay less to the lender in mortgage interest? If you need the lowest mortgage payment possible but may not qualify for a lower interest rate, mortgage refinancing can still help you meet your financial goals. Qualifying for a lower interest rate combined with a shorter term length will help you pay down your mortgage loan quickly while paying less to the lender.
III. Choose The Right Term Length When Mortgage Refinancing
Term length along with your mortgage interest rate determines your payment amount. If you need the smallest payment amount possible choose a longer term length. Traditional mortgages come with thirty year terms; however, there are now forty and fifty year term lengths to choose from. If your goal is to pay off your loan as quickly as possible choosing a shorter term loan will help meet this goal. Mortgage terms of fifteen years are a popular choice for home mortgage refinance loans.
Carefully comparing loan offers from a number of lenders will help you avoid overpaying for your home mortgage refinance loan. You can learn more about mortgage refinancing, including costly mistakes to avoid by registering for a free mortgage tutorial.
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