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Before you refinance: - Look at the total interest you pay. If you’re more than seven years into your loan, refinancing is unlikely to save you money overall.
- Consider how long you plan to remain in your house. Paying $4,000 in fees to cut your payments $100 doesn’t make sense if you plan to sell in three years.
- Compare loan APR as well as interest rate. The annual percentage rate accounts for points and fees.
- Remember to compare fees in lenders’ good-faith estimates. This is where you have the most negotiating room.
- You don’t need to refinance to get out of PMI (private mortgage insurance). A simple appraisal should be all your lender needs.
Submitted By: J Daves
References: MSN Money |
