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Should I Refinance My Mortgage? Refinancing your mortgage can be a powerful way to save tens of thousands of dollars over many years. It’s not always the smart thing for you to do, though.
There are both good and bad reasons to refinance, and they are not just based on interest rates. Find out when refinancing makes the most sense and when it could be a bad move.
· Tip: The best way to save money on your mortgage is to pay off your mortgage faster. When looking to refinance, try to get a 15-year mortgage. If you can’t afford the payments, make sure you pay extra every month on your new 30 year mortgage to ensure you aren’t staying in debt longer than you should.
How do I Know if I Should Refinance My Home?. If you are in an FHA loan in many cases (especially if you purchased after June 2013) you will need to refinance your loan to get out of mortgage insurance once you have at least 80% LTV. Some loan programs do not require PMI.
Amount of Equity. Another thing to consider is how much equity you have in the home. Most banks will require 20% equity in order to refinance your mortgage. It may still be possible to refinance without that much equity, but you’ll likely get the best deal if you have at least 20% equity.
Deciding when to refinance your home loan depends on several factors besides whether you can get a better. When mortgage interest rates get low, refinancing becomes popular.. Your loan officer or mortgage broker can help you determine when you'll break even.. My view: When to refinance.
Getting a rate that reduces your monthly payment while being low enough to offset the costs of refinancing is one common reason to refinance. Whether your refinance includes a cash-out or not, it is important to keep the mortgage term at whatever is remaining of the original term, and avoid increasing it back up to 30 years.
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At NerdWallet. lock in a low refinance rate for such a long time, while freeing up your money to work for you in long-term investments. Also, locking in your rates for 30 years acts as a hedge.