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Refinancing your home

 

With the lower mortgage rates that are currently available many homeowners are asking themselves “Should we refinance our mortgage?” My husband and I recently refinanced with our credit union and reduced a 25-year mortgage to 15 years with almost the exact monthly house payment. The closing cost was reasonable (3% of our total mortgage) and added into the new loan.


How do you decide if refinancing makes sense in your particular case?
There are many factors that will determine your answer to that question. Some of which include interest rates, your tax bracket, the length of time you plan to own your home, and the total cost of refinancing. Ask yourself "How will refinancing benefit me?" "Will I pay off the house sooner?" "Will my house payment be reduced?" Your answers and your goals will help you to decide whether refinancing is right for you.

To help you decide whether to refinance your home mortgage and how to go about it you can request a free copy of the brochure containing mortgage charts by writing or calling the FTC at:
Public Reference, Federal Trade Commission, Washington, D.C. 20580; (202) 326-2222. TDD call (202) 326-2502.)

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The cost of refinancing?
In most cases when you refinance your mortgage you pay off your original mortgage and sign a new loan. Because it’s a new loan the lender will usually charge you the same fees that you paid to get your original mortgage. Such as settlement costs, discount points, and other fees. You could also be charged a penalty for paying off your original loan early. Some states prohibit this but check with you lender to be sure.

So the total cost of refinancing your mortgage depends on the interest rate, number of points, and all other costs required to obtain a new loan. If you plan on living in your home for 5 years or more you may want to consider paying down the points to get the lowest rate offered by the lender. Most lenders will charge several points, and the total cost can run between three and six percent of the total amount you borrow. For example, on a $90,000 mortgage, the lender might charge you between $2,700 and $5,400. Many lenders may offer zero points at a higher interest rate, which should significantly reduce your closing costs, although your monthly house payment may be higher.

     

 

 

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