It's important to figure out what interest rate you're likely to qualify for. One way to do this is to check out a mortgage rate calculator, which will take some basic information and give you a likely APR for your mortgage.
The only way to find out for sure how much a mortgage will cost you, though, is to shop around. Check out different online mortgage lenders, as well as traditional bricks-and-mortar options. Remember, if you apply to refinance your mortgage with several lenders within a few days' time, it'll only count as one hard inquiry on your credit report.
What should you do if your credit score is on the low side? Consider taking some time to boost your credit score, especially if you can do it relatively quickly by paying down credit card debt. However, you'll need to weigh the benefit of having a better credit score when you refinance against the possibility that interest rates will balloon before you can refinance.
Have bad credit? Here's what to know if you're thinking about refinancing anyway. As with buying a home, there are usually closing costs involved when you refinance. Some lenders offer no closing cost refinances, which can save you a bundle up front. However, loans without closing costs may charge a higher interest rate. And even so-called "no closing cost" refinances may have some fees due at closing. Generally, though, closing costs on a refinance will be similar to closing costs when buying a home.
You'll need to pay credit fees, appraisal fees, escrow and title fees, and other fees imposed by your lender. Overall, you can estimate closing costs to be about 1. If you've got enough equity in your home, you may be able to roll closing costs into the overall principal amount. But you'll still wind up paying these fees one way or another. Calculating when you'll break even is the essential piece to deciding whether or not you'll refinance. Since you have to either pay up front or roll refinancing costs into your loan, you need to know how long it'll take to get that money back.
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Help Center Find a Branch. Financial Reads. Another valid reason for refinancing a mortgage is to stop writing that annoying check each month. You could refinance your loan to a year mortgage, getting your rate lowered to 3. You know, for instance, that stretching out the remaining balance on your home loan will lower your payment, but it costs you more interest in the long run.
Eight more years. In addition, the new loan is an ARM. There is no guarantee that the rate will stay that low after three years. But sometimes you need breathing room. You need to buy yourself three years to pay off higher-interest debt, finish college, or take care of a family emergency.
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