Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Home Loans and other Mortgages topics.
Once in a while, homeowners get the chance to do something really amazing for their financial future--the chance to refinance home loans. Now, initially, you may think that to refinance home loans, people must have a lot of extra time on their hands. After all, you have to have your property appraised, shop around for a good rate, get approval, meet with a notary, fill out a stack of papers, and pay closing costs on top of it all. To you, this may mean a few hours off of work to meet with the appraiser, 30 minutes of internet time to compare refinance rates, one or two quick applications, 30 minutes of boring paperwork, and an overall savings of thousands of dollars as you reduce the amount of interest you pay to a mortgage company or bank over the course of your mortgage.
To overlook the possible savings that could be enjoyed as a result of finding lower home loan rates would be to ignore the full financial well-being of your family. The health of your finances deserves just a few extra hours of effort, so be sure to monitor home loan rates consistently even after you buy your home so that you too can refinance when possible.
|Jennifer Mathes, Ph.D.|