Still not sure whether to refinance your home mortgage or not ?
Still wondering if refinancing makes sense for you ?
Thinking maybe this time the mortgage rates have hit bottom ?
Wondering how refinancing your home mortgage today compares to keeping your current mortgage until you pay the full 15, 30 or more year term ?
Everyone's home mortgage situation is unique.Maybe you're only a few years into your current loan.
Those and many more conditions make your home mortgage refinance decision unique. One thing for sure is the basic amortization formula used to calculate your loan and the free mortgage refinance tips tool on this web page can help make that decision by showing simply how your current loan could compare to a new refinanced mortgage.New starting balance, new interest rate, closing costs and yes a new beginning point in time. So give this tool a try and I hope it helps as many people as possible. I know it made my decision much simpler. Actually I created this tool because I wanted an easy way to compare the numbers with out having to think about them. Good luck and happy refinancing.
Some things to think about or that make you think it might be a good time to refinance your mortgage
|Notice if and if so when the new loan interest payments exceed the existing loan. Do you plan on selling or refinancing again before the cross over occurs (). Deciding whether to refinance your 15 year or 30 year fixed rate mortgage isn't as easy, or complete, as simply determining the cost to refinance (closing costs which include among other things discount points, origination fees, lender fees, etc.) and dividing the closing costs by the amount of monthly payment savings from from your new loan's first month interest savings. I will explain in more detail comparing an example current mortgage with a projected refinance mortgage. When time allows go into detail about PITI, why not to use the PI in PITI for calculation against the new mortgage describe the simple break even point, compare to total interest if paid to the end of either loan|
I hope this information has been of help to someone as you try to decide whether to refinance your mortgage to a lower interest that will truly save money in the long run. Remember mortgage brokers want your business regardless of any perceived savings whether they be real or not. This information is not provided by or sponsored by any lender and is intended as informational only.