Lower Monthly Payments May Cost You in the Long Run

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.