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Ask Shop Rate: Charles - Mississippi

Posted by  on Apr 16, 2009
 
Should I refinance my current mortgage? Well Chuck, every situation is different, and not knowing your situation I can only give you a couple of hints and questions to ask yourself. First, what rate would you need in order for refinancing to make sense? That depends largely on your current interest rate, amount of principal paid off, and the fees to refinance. Remember, refinancing your mortgage isn’t a free process. You need to take into account the various fees involved in the refinancing process. Expect to pay in upwards of two to three percent of your total loan amount in fees and costs. Next, how long do you plan on staying in the house after refinancing it? You’ll need to choose between a fixed-rate loan (longer term) or an adjustable-rate loan (shorter term).

I hate to sound like a broken record, but I suggest signing up for our 7 step e-mail tutorial for a more complete answer. I believe e-mail #6 deals with trying to figure out when you should refinance your current mortgage. The tutorial was set up to help give people like yourself some basic hints and subjects to consider when purchasing or refinancing a home.


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