Consider the pros and cons of refinancing
“Should I refinance my mortgage?” This is the question hundreds of thousands of homeowners ask themselves every year. The conventional wisdom (and intuition!) tell you that if today’s rates are low and your mortgage rate is high, then you should refinance. If the reverse is the case, then refinancing makes little sense.
The Refinance Calculator lets you see more precisely the financial benefits of refinancing. You enter all the relevant data like interest rates, points, and how long you intend to keep the home after refinancing and receive the hard numbers on refinancing. As with all the calculators, your situation may feature factors not included in this calculator. For example, loan refinancing may be used for loan consolidation.
You should therefore consult your financial adviser before making any decisions.
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