Refinance Your Mortgage Loan

There are many reasons homeowners refinance: to lock in a favorable interest rate, to withdraw equity they've built up in their home, or to pay off their mortgages more quickly. If you're thinking about refinancing, here are some things you'll need to consider: The interest rate of your current mortgage versus the current rate. If, for example, you see that rates have dropped two points, you'll want to seriously consider refinancing. The type of personal loans you have. If you have an adjustable rate loan, you may want to refinance to switch to a fixed-interest loans. How long you plan to stay in your house. If you’re thinking of selling in the next three to five years, the amount you save on refinancing may not cover the costs associated with closing. While refinancing will include closing fees, the goal is saving money over the long term. Closing fees are always part of the equation. Even mortgages that are advertised as having no-cost or low-cost closings have closing fees — they're just not called closing fees.