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Is a refinance loan right for you? Lower monthly payments are attractive. But they come at a price. Weigh your options before you make a decision.
* You may be able to lower your interest rate, but refinancing may increase your principal amount.
* Whether it's a good idea to refinance may depend on how long you plan to own our home.
If you plan to stay in your home for a while, refinancing may make sense, because of the cost savings of lower interest over several years. If you plan to sell your home soon, the cost to refinance may be prohibitive.
|Jennifer Mathes, Ph.D.|