(StatePoint) Refinancing a home can be a smart move – if you time it well and understand the factors involved.
Refinancing means replacing your current mortgage with a new one, and doing so will result in a new rate, term and monthly payment. While refinancing does have some upfront costs, taking this step could improve your financial situation.
kA DEJ=6lQE6IE\2=:8?i46?E6CQmkDEC@?8m#62D@?D E@ #67:?2?46k^DEC@?8mk^Am
kAm$@>6 @7 E96 36DE E:>6D E@ 4@?D:56C C67:?2?4:?8 :?4=F56ik^Am
kAm• (96? >@CE8286 C2E6D 2C6 =@H6C E92? E96 C2E6 @7 J@FC 4FCC6?E >@CE8286] tG6? D>2== 5:776C6?46D :? >@CE8286 C2E6D 42? 92G6 2 3:8 :>A24E @? J@FC >@?E9=J A2J>6?E[ 2?5 E96 E@E2= 4@DE @7 J@FC =@2?]k^Am
kAm• (96? J@FC 7:?2?4:2= D:EF2E:@? 92D :>AC@G65 2?5 J@F 42? D64FC6 2 =@2? H:E9 2 D9@CE6C E6C> E@ 3F:=5 6BF:EJ :? J@FC 9@>6 72DE6C]k^Am
kAm• (96? J@FC 25;FDE23=6\C2E6 >@CE8286 :D 25;FDE:?8 FAH2C5 2?5 J@F H2?E E@ 4@?G6CE E@ 2 7:I65\C2E6 >@CE8286 7@C E96 D64FC:EJ @7 4@?D:DE6?E A2J>6?ED]k^Am
kAm• (96? J@F’G6 3F:=E FA D:8?:7:42?E 6BF:EJ :? J@FC 9@>6 2?5 4@F=5 FD6 E96 >@?6J 7C@> 2 k2 9C67lQ9EEADi^^>J9@>6]7C655:6>24]4@>^C67:?2?4:?8^@AE:@?D\7@C\C67:?2?4:?8Q C6=lQ?@7@==@HQm42D9\@FE C67:?2?46k^2m 7@C 9@>6 :>AC@G6>6?ED @C E@ :>AC@G6 J@FC 7:?2?4:2= D:EF2E:@?] (:E9 2 42D9\@FE C67:?2?46[ J@F’C6 C67:?2?4:?8 J@FC >@CE8286 7@C >@C6 E92? J@F 4FCC6?E=J @H6] x? C6EFC?[ J@F’C6 86EE:?8 2 A@CE:@? @7 J@FC 6BF:EJ 324< :? 42D9]k^Am
kA DEJ=6lQE6IE\2=:8?i46?E6CQmkDEC@?8mz6J u24E@CD E@ r@?D:56Ck^DEC@?8mk^Am
kAmp=E9@F89 C67:?2?4:?8 J@FC >@CE8286 4@F=5 D2G6 J@F >@?6J :? E96 =@?8 2?5 D9@CE E6C>[ :E :D?’E 7C66] %96 E@E2= 4@DE E@ C67:?2?46 J@FC >@CE8286 H:== 36 56E6C>:?65 3J J@FC =6?56C[ k2 9C67lQ9EEADi^^>J9@>6]7C655:6>24]4@>^3=@8^7:?2?4:2=\65F42E:@?^a_a`_g`_\F?56CDE2?5:?8\4C65:E\D4@C6DQ C6=lQ?@7@==@HQm4C65:E D4@C6k^2m 2?5 =@42E:@?] pD 2 86?6C2= CF=6[ J@F 42? 6IA64E E@ DA6?5 b\eT @7 J@FC =@2? AC:?4:A2= @? 2 C67:?2?46]k^Am
kAmp BF:4< 4964< E@ D66 :7 C67:?2?4:?8 >2<6D 7:?2?4:2= D6?D6 7@C J@F :D E@ 42=4F=2E6 9@H =@?8 :E H:== E2<6 E@ C64@FA E96 4@DED @7 E96 C67:?2?46] %@ 5@ E9:D[ E2<6 E96 E@E2= k2 9C67lQ9EEADi^^>J9@>6]7C655:6>24]4@>^C67:?2?4:?8^4@DED\@7\C67:?2?4:?8Q C6=lQ?@7@==@HQm4@DE 2DD@4:2E65 H:E9 E96 C67:?2?46k^2m 2?5 5:G:56 :E 3J J@FC >@?E9=J D2G:?8D] }@E6 E92E E9:D >@56= H:== ?@E H@C< 7@C 42D9\@FE C67:?2?46D @C :7 J@F 2C6 C67:?2?4:?8 E@ C65F46 E96 E6C> @7 J@FC =@2?]k^Am
kAm*@F’== 2=D@ H2?E E@ 4@?D:56C H96? J@F A=2? E@ >@G6[ 2?5 H96E96C J@F’C6 8@:?8 E@ D:8?:7:42?E=J 6IE6?5 J@FC =@2? E6C>] u@C 6I2>A=6[ :7 J@F 92G6 a_ J62CD =67E @? J@FC b_\J62C 7:I65\C2E6 >@CE8286 2?5 J@F C67:?2?46 :?E@ 2 b_\J62C 7:I65\C2E6 >@CE8286[ J@F’G6 6DD6?E:2==J 6IE6?565 E96 E6C> @7 J@FC =@2? 2?5 H:== A2J >@C6 :?E6C6DE @G6C E96 =:76 @7 E96 =@2? 2D 2 C6DF=E]k^Am
kAm*@F D9@F=5 H@C< 4=@D6=J H:E9 2 =6?56C E@ 5:D4FDD @AE:@?D E92E 7:E J@FC 8@2=D] *@F 42? C67:?2?46 E9C@F89 J@FC 6I:DE:?8 =6?56C @C 2 ?6H =6?56C] (92E’D >@DE :>A@CE2?E :D E92E E96 =6?56C J@F 49@@D6 :D ECFDEH@CE9J 2?5 @776CD 4@>A6E:E:G6 C2E6D 2?5 E6C>D]k^Am
kA DEJ=6lQE6IE\2=:8?i46?E6CQmkDEC@?8mrCF?49 E96 }F>36CDk^DEC@?8mk^Am
kAm%@ 56E6C>:?6 9@H >F49 :E H:== 4@DE J@F E@ C67:?2?46 J@FC >@CE8286[ 2?5 9@H >F49 >@?6J J@F 42? D2G6 3J 5@:?8 D@[ =62? @? 7C66 @?=:?6 C6D@FC46D] uC655:6 |24’D E@@=D 2?5 C67:?2?46 42=4F=2E@CD 42? 96=A J@F 6DE:>2E6 A2J>6?ED[ 4@>A2C6 @AE:@?D 2?5 F=E:>2E6=J 6G2=F2E6 H96E96C C67:?2?4:?8 k2 9C67lQ9EEADi^^>J9@>6]7C655:6>24]4@>^C6D@FC46D^42=4F=2E@CD^2>\:\36EE6C\@77\C67:?2?4:?8Q C6=lQ?@7@==@HQm2=:8?D H:E9 J@FC 7:?2?4:2= 8@2=Dk^2m] ':D:E |J w@>6 3J uC655:6 |24 2E k2 9C67lQ9EEADi^^>J9@>6]7C655:6>24]4@>^C6D@FC46D^42=4F=2E@CD^C67:?2?4:?8\4@DEDQ C6=lQ?@7@==@HQm>J9@>6]7C655:6>24]4@>k^2m E@ 2446DD E96D6 C6D@FC46D]k^Am
kAm(96? :E 4@>6D E@ C67:?2?4:?8[ E:>:?8 :D 6G6CJE9:?8] q67@C6 E2<:?8 E9:D DE6A[ 6?DFC6 :E’D E96 C:89E >@G6 7@C J@F ?@H]k^Am
kAm!9@E@ rC65:Ei W4X y24@3 (24<6C92FD6? ^ :$E@4< G:2 v6EEJ x>286D !=FDk^Am
kAmk:>8 DC4lQ9EEADi^^7665D]DE2E6A@:?E]?6E^E@H??6HD^A=246>6?E]2D9InEl4U2>Aj:5l```ggU2>Aj=l6?\&$U2>AjCl`ffcbadfbhh``]ccQ ^mk^Am
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.