Should I Refinance My Mortgage Now? 2015
2015 Refinance calculator
If you are asking your self now at 2015 these kind of questions, then this refinancing calculator is perfect for you. There are some terms that when all are fit refinancing a mortgage is a great opportunity to save a lot of money, or shorten the mortgage month left till all money owed to the lenders are payed.
Before you check this “should I refinance calculator” you need to make sure you are doing the right move, and doing it for the right reasons.
Do you know what is your current credit score ? Do you know if your current mortgage loan has a penalty when prepaid ? Do you plan to stay at your current house for the years to come ?
Those two simple facts can throw your refinancing plans to the recycle bin for a year or two.. So before you take quick financial acts, try to find out if NOW is the right time for you to refinance.
Which of the next sentences, describes best what you are trying to do ?
- I want to lower my interest rate.
- I want to lower my monthly payments.
- I want to refinance in order to cash out my home-equity.
- I wish to refinance into a fixed-rate mortgage.
- I am planning to consolidate my debt (with all my credit cards).
Refinancing can bring you closer to one of these.
This calculator will answer your question when does it pay to refinance your mortgage. If you can get a lower loan rate that will reduce your monthly payments, or shorten the month left, or combine two mortgages together than it is worth the effort.
Should You Refinance Your Mortgage
Run a few calculations on all your possible refinancing scenarios before you go to the bank or lender and apply for a refinancing program.
Should I Refinance?
In case you didn’t know there are some government loans for home buyers you might want to check, most of them for first time home buyers but not all. And you might wish to learn more on the Obama housing plan – Home Affordable Refinance Program (HARP).
So What Can You Do To Improve Your Situation?
If you will do nothing.. don’t expect anything to happen. The best advice is to bump your credit score up! It will give you better leverage when facing the lenders, and better negotiation position when applying for any financial need.
Lets not forget you are probably paying $500-$1000 extra per year in higher interest rates, and credit payments.
If your score is below 700, you might want to clean it yourself – get this ‘Credit Repair University’ which will save you money and time.
Yes, you might need to invest a small sum to get a grip of things.. But if you think education is expensive.. try ignorance..
You are probably paying thousands of dollars per year in fees and interests to credit companies which could be going straight to your pocket. Don’t be cheap when it comes to financial education..
Ignorance costs more.