Oct 22, 2014 in Homeowner . 0 Comment
Many homeowners choose to refinance to lock in a fixed interest rate or reduce their monthly payment. However, a lower payment doesn’t always mean you’ll save money. Knowing the right time and process for refinancing goes a long way toward making a wise decision.
Refinancing Pros and Cons
There are several pros to refinancing.
-Lower interest rates can significantly reduce your monthly payment and the overall amount you pay.
-Shortening the length of your mortgage term increases your monthly payment, but saves you much more in the long run. However, be aware that you may do just as well by paying a little extra each month under your current terms.