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Refinance: 4 Ways To Know Its Time to Refinance Your
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Three Rules of Thumb for Mortgage Refinancing
You might think that deciding to refinance a
mortgage requires only a quick comparison of loan interest
rates. Unfortunately, thats not really true. Refinancing
is trickier than that! Fortunately, three useful rules
of thumb can often help you make sense of refinancing
Rule 1: Dont Ignore Total Interest Costs
You really want to use refinancing as a way to reduce
the total interest cost you pay. While that sounds simple
in principle, it is sometimes difficult to do. The interest
costs you pay are a function of the interest rate, the
loan balance, and the loan term period.
When people refinance, they tend to focus solely on
the loan interest rate. But they often dont pay
as much attention to the loan term or the loan balance.
When you use refinancingeven refinancing at a
lower interest rateto increase your borrowing
or to extend the time over which you borrow, you often
arent saving money.
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