When interest rates are low, plenty of homeowners rush to refinance before evaluating the true consequences of their actions. A mortgage refinance can benefit some homeowners, particularly if they intend to stay in their home for the long term or if they can significantly reduce their interest rate. Sometimes, though, a mortgage refinance can be the wrong move.
Every borrower should look at the cost of refinancing along with the financial benefits before choosing a loan. Some borrowers forget that refinancing into another 30-year mortgage can add years of payments, especially if they have been paying on the current loan for a long time. Borrowers need to decide how long they intend to stay in the property and determine the break-even point when the savings outweigh the costs before choosing to refinance.
Refinance Calculator. Leading Edge Title is a member of the American Land Title Association
Refinance Calculator. Leading Edge Title is a member of the Florida Land Title Association