Understanding the Cost of Refinancing Your Mortgageby Karen Lawson
Loan Page Columnist
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You've owned your home for a while now, and current mortgage rates are rising. Should you refinance? You'll need to consider more than interest rates. Knowing the fees and costs associated with refinancing, and keeping your financial needs and future plans in mind, will help you decide if refinancing is right for you.
There's More to Loan Shopping than Mortgage RatesOf course, current mortgage rates are important when you are choosing a mortgage loan. In addition, there are costs and fees associated with making and closing your new mortgage. Your understanding of these costs will help you find the right loan.
Some of the factors that contribute to the cost of refinancing your mortgage loan include:
Shop, Ask Questions, and NegotiateCompare rates, charges, and loan terms. Ask plenty of questions. Mortgage loan worksheets available online can be helpful. Also, think about your future plans. How long you want to stay in your home can impact your refinancing decision. Finally, negotiate with lenders to get the best deal. When a lender asks, "Deal or no deal?" the answer is up to you!
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About the Author
Karen Lawson worked in the mortgage lending industry for more than fifteen years. She earned an MA degree in English from the University of Nevada, Reno.
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