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Refinance
Mortgage No Closing Costs
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Mortgage Refinance
Rates
Mortgage refinance rates are typically separated
into
two main payoff categories, 15 year or 30 year mortgages.
Whenever possible, it makes more sense to select a
15 year refinance mortgage loan because the total
amount
it will take to pay off the mortgage will save you thousands
in interest costs.
A 30 year mortgage makes more sense when you are
purchasing a home that you plan on staying in for a much
longer period of time.
The reason for the 30 year mortgage vs a 15 year
mortgage is from a lower monthly payment and you can
allow your equity growth to grow faster with you paying
less per month to see a larger equity growth over time.
When opting
to "Cash Out" equity from your home, it is
worth considering how much and what is it going to cost
to refinance your mortgage.
Mortgage refinance rates vary from lender to lender,
so
shop
your mortgage refinance rates.
Closing costs can make the difference in a good deal
or not
so good deal. Closing costs for the most part, are
up front
fees that lenders charge to pocket money from
you that you
can pay up front or roll into the new
mortgage. Be
careful
how much this adds to your
mortgage and monthly
payments.
Cash Out Refinance strategy needs serious
consideration.
If you are wanting a considerable amount of cash out
and
you aren't expecting to move in several years, a
cash out
option would be a good strategy, but if you expect
to
move
soon, you are going to suffer from less equity
benefits when
you sell.
If your current mortgage rate is not stressing on
your
monthly
debt. you may want to look at a second mortgage
and
leave
the first mortgage in place. This will avoid you
stretching the
payoff to later down the road and paying
more in
interest
debt.
Mortgage Refinance Rates do fluctuate and if you can
wait, ask a local mortgage lender what they advise on
when
to
refinance your mortgage and ask lots of
questions.
Each
person's finances are different.
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Should I refinance my first
mortgage?
Refinancing your first
mortgage all depends on two main factors; first, can you
refinance for fewer years?
For example: if you refinance your first mortgage don't
refinance a 20 year payoff
mortgage balance with a new 30 year mortgage. Even
though the monthly payment would be lower, the term
would reset to a longer and more costly payoff.
Secondly, how long do you plan on
living in that house? If this is not your forever and
ever homestead, then don't refinance just
for a lower monthly payment. You'll potentially lose
equity that is nor worth the
trade off in payments vs payoff.
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