How to Decide to Refinance Your Home

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Refinance Tips and other Mortgages topics.

How do I know if refinancing is right for me?

How to Decide to Refinance Your Home

To refinance or not to refinance? Don't answer that question yet. You need to figure out a few things first, namely what kind of money will you save refinancing your home.

* How long do you plan to own your home? It makes a difference, because the costs to refinance may be more than your savings from lower interest rates, if you don't plan to stay long.
* How many years will it take to pay off your current mortgage? If you are near the end of your loan, it may not be worth it to refinance.
* Will I go into debt with the refinancing costs?

Take a hard look at the costs and savings before choosing a refinance loan.



2/2/2009 3:49:03 PM
law student said:

Some states as well, when you refinance allow the lender to collect the deficency of your loan balance if you default on your new refinanced loan...since it is no longer a lender held purchase money trust deed but just a trust deed


URL: (optional)


Not finding the advice and tips you need on this Mortgages Tip Site? Request a Tip Now!

Guru Spotlight
Susan Sayour