Refinance a mortgage loan to put yourself in a better financial situation.
A friend recently decided to refinance a mortgage on his home and reduced his monthly mortgage payments by more than $350.00.
He took advantage of a lower interest rate, and since he figured that he would never pay off the home in his lifetime he extended the amount of years for the mortgage.
You should know if, or when to refinance your home.
Now that he only has his retirement income this became important to him.
There are several things to consider.
If the home mortgage interest rate percentage and monthly payments are not much different than what you have, you will have to look closely at the figures and be sure to include the closing costs and points.
Shop around before refinancing a home mortgage.
There are a lot of banks and mortgage lenders eager for your business so don't feel that you have to yield to any high pressure sales pitches and pay close attention to any mortgage broker and what they are up to.
I was deceived when I once refinanced a home and was told on the phone one rate, and when I got to signing with all the lawyers present, the interest rate magically went up a quarter percent and an extra point was added to closing.
