It has been said that only when your new interest will be at least 2 points lower, should you refinance your loan. Maybe several years ago that was sage advice, but since refinance costs have been falling recently, it could be a good time to take a serious look. Refinancing has some advantages that can make it worth the initial expenditure many times over.

Benefits from Refinancing

You could be able to bring down your interest rate (sometimes by a lot) and make smaller monthly payments with a refinanced mortgage loan. Additionally, you may be given the option of tapping into your home equity by "cashing out" some money to fix up your home, consolidate debt, or plan a special vacation. With lower interest rates, you might also get the chance to build up home equity faster by moving to a shorter-term mortgage loan.

Expenses and Fees

All of these advantages do cost something, though. When you refinance, you're paying for basically the same things you paid for during your current mortgage. Among these may be settlement costs, an appraisal, lender's title insurance, underwriting fees, and so on.
You could have to pay a penalty for refinancing your present loan too soon. This depends on the rules of your present mortgage loan. These penalties might just apply for the first couple of years. We'll help you with the details: Call us at 817-909-7916.

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