Refinancing your mortgage or Remortgage not always the right call:  refinancing a loan has its costs. There are cases in which remortgaging makes sense, in this article, we will try to find these cases and help you in this process.

Before deciding about refinancing, let’s examin our goals:

1. Reducing the interest payed as a mean of reducing our monthly paymeny, is the most common goal.
2. Reducing the monthly payment by extending the mortgage period is the second.
3. Also, Consolidating debts : joining  both a mortgage and a home equity mortgage.

Consider your Loan Closing costs !
Considering your loan or mortgage closing costs is the first thing that need to be done. In average, every 200,000$ loan will cost 3,000$ + TAX to close (data from 2008). Plus you will need to consider pre-paid insurances or pro-rated interest.

so, let’s take an example:
Our riginal loan is 400,000$ and we have antoher 10 years. Our costs for closing the mortgage are 6,900 $. we should save on our monthly payment for the next 10 years at list 57.5 $ per month. Preferably, we should save even more than that and see that we do not extend our mortgage so that the overall cost will be greater than the anount saved.

Use acctuall market data before going to Refinancing your Mortgage
Find your Current loan rate and closing costs – does your loan has a Prepaying Panelty. if so, how much is it?!
Find your Credit Score - this will be a relevant factor  for the interest you can get today!!
With our help, Find the actuall market rates. we will also help you with calculators and tips, so that you will know exatcly whether refinancing your mortgage is the best solution for you.

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