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what to know about refinancing your home

Refinancing is when you take your current mortgage and get another loan to replace it. People refinance their mortgage to get a lower interest rate or monthly payment, get a shorter or longer term, among many other reasons. For example: Let’s say you have a mortgage loan with a $200,000 balance.

Refinancing can make sense if a home’s value has gone up. Equity in the home is the first qualification for refinancing a mortgage. While only a fraction of each mortgage payment goes toward the principle each month during the early years of a mortgage, a homeowner’s equity can also increase if the home’s value goes up, as well.

The first thing to know: Rates are not everything. to hundreds of thousands depending on the size of your mortgage. In the.

Whether you’ve got a home loan, auto loans, or other debt, refinancing allows you to shift the debt to a better place. What Is Refinancing? Refinancing replaces an existing loan with a new loan that pays off the debt of the old loan.

The above calculator can help you quickly break down your costs and benefits to better understand if refinancing is the right choice for you. The calculator takes into account your interest rate, length of the loan, the amount of time you plan to stay in your home, origination and closing costs and taxes so you can get a complete financial.

ATLANTA (FOX 5 Atlanta) – Home. All refinancing costs money. There is no such thing as a cost-free loan closing, but there.

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Before you refinance, here are six things you should know: 1. Don’t cave in to pressure. The ads beckon you: Hurry! Refinance NOW, before rates creep back up! 2. Weigh the costs of refinancing. While refinancing your home will most likely save you money, 3. Factor in how long you plan to stay.

YOU’RE RESETTING THE LIFE OF YOUR LOAN. Often when you refinance, you extend the amount of time it will take you to pay off your home. Say you’re four years into a 30-year mortgage and you refinance with another 30-year mortgage. Now you’re going to be paying off your home for 34 years. You may have lowered your monthly payment but not actually be saving money. That’s because you’ll be making payments for a longer time period.

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