Home Loan Refinance Online Searches Get You The Best Rates
Are you considering a home loan refinance? Online searches can often turn up the best rates. So, what should you look for in a home loan refinance online?
First you have to ask yourself if refinancing is right for you. Using a home loan refinance online calculator, compare your existing loan, a new loan and your financial situation to determine if and how you may be better off refinancing. It might make sense to have a smaller or larger monthly payment especially if your income has changed. A smaller monthly payment will increase your available funds, while a larger monthly payment will speed up your mortgage payoff. Either way, refinancing should help in meeting your financial goals.
Next you should look for a rate reduction. The general rule of thumb is that if your closing expenses can be recovered in 30 months or if the interest rates are 1 percent lower than your current rate, home loan refinance online or off makes sense.
You should also look for ways to reduce the term of your loan. If you are 5 years into a 30 year mortgage and you can get into a 15 year mortgage for about the same...
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