Low Mortgage Rates–Is Refinancing Your Andover Mortgage The Right Thing For You?

By Paulette Zuena | Published: September 10, 2009

Is Refinancing Your Mortgage The Right Thing For You?

With mortgage rates at historic lows lately, many of our Andover neighbors are considering refinancing their mortgages. This can be a very beneficial thing to do if you have all of the proper information.
 
First read through your current mortgage to make sure there are no prepayment penalties for paying off your loan early.  If this answer is no and you are considering refinancing your loan, is it generally makes the most sense to refinance when you can lower your interest rate by two points. For example, going from 8 percent on a thirty-year fixed loan to 6 percent on a thirty-year fixed loan.
 
Next consider how long will it take for you to recover the refinance fees in monthly savings on your “new” loan. You can use my mortgage calculator to calculate this by dividing the total costs of the refinance by your monthly savings. This number represents how many months you will need to live in the home to cover the costs of the refinance.
 
Finally, if your refinance is successful and you have lower monthly payments, it might be best to use that money to save, maybe for a rainy day, towards a retirement plan or for a child’s’ college costs.
 
For more information on refinancing your loan go to “http://finance.yahoo.com/how-to-guide/loans/12821“
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