When Mortgage Refinancing Makes Sense

 · Whatever your reason, here are 5 things to know before deciding if refinancing makes sense for you. 1. There are Good Reasons To Refinance. Not sure if Refinancing is a good idea? While refinancing may not be the best choice for everyone, there are a few good reasons to refinance. A. A Shorter Mortgage Term

Whether you want to lower your monthly payment, shorten your term or take cash out, sometimes replacing your old mortgage with a new one makes sense. To estimate how much refinancing could change your payment, we’ll take a look at your current loan details and suggest a new loan term that may better fit your financial goals.

As of May 2015, that rate is around 3.8%. So there’s a chance you could see a big drop in your interest rate by refinancing. If you can now qualify for a lower-interest loan, it can save you a significant amount of money over a 15- or 30-year mortgage. refinancing might make more sense than just making extra payments at your current interest rate.

If the breakeven point under the "enhanced refinance" scenario is less than three or four years, it may make sense to refinance your loan for a lower interest rate. This is especially true when you intend to refinance a fixed-rate mortgage into a new, fixed-rate mortgage..

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"Does it ever make sense to refinance into a mortgage carrying a higher interest rate than the mortgage you already have?" Very often it does not. Mortgage borrowers refinancing at higher rates ought to use the 72 hour right-to-rescind period to ask themselves if the deal is really in their best interest.

When does refinancing make sense? Many view the answer to this question only in terms of mortgage rates. The usual idea is that when rates go lower, it’s time to refinance. However, the.

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When interest rates drop, the temptation to refinance is pretty great. Our refinance calculator is geared towards providing you with an independent, straightforward view of whether or not refinancing your loan actually makes sense.. Using your existing mortgage loan information, our refinance calculator will let you input proposals from mortgage firms and determine for yourself whether you’ll.