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Should I Refinance My Home Loan?

Whether or not refinancing your home loan at this time depends on the following factors…

  • What is the purpose of the refinancing? Am you taking cash out? Shortening the term? Lowering my interest rate
  • What are the refinancing costs
  • How long do you plan to keep the home
  • What is the refinance interest rate compared to my current rate
  • How long will it take to recover the cost of refinancing
  • Will my income support the refinanced loan amount

Anytime refinance interest rates are lower than your present interest rate you should consider a home refinance.

Let’s Run The Math Together

For every $100,000 of your loan balance, a one percent difference in interest rate is equal to $1,000 per year.  If you have a loan balance of $300,000 and the interest rate difference is 1.5%, your annual savings from a refinance would be $4,500 or in monthly terms, $375 per month!

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