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How will I save money from mortgage refinancing?

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14 Responses to "How will I save money from mortgage refinancing?"

  1. Bill says:
    If you’re on an adjustable rate mortgage, a fixed mortgage will prevent you from payments which swing with interest rates.
  2. morning wood says:
    You will lower your monthly payment. A lower interest rate will reduce the amount of interest you will pay. It will cost more up front to refinance (origination fees, etc.) but you will save in the long run.
  3. indrajeet d says:
    REBUNK !
  4. StevieP says:
    Use a different mortgage company and negotiate a more competitive rate.
    Look for Fixed Rate deals.
  5. hirebookkeeper says:
    I will assume you would refinance because of a lower rate than you are currently paying. That, or because you are on a ARM, short term, flexible and want to go on a fixed rate. No matter the reason, as long as your closing costs are low, you should save money because of a lower mortgage rate.
  6. we_are_legion99 says:
    You have to “crunch” the numbers. If you plan on staying in the house for at least 3-5 years, lowering your interest at least 2 percent will save you money on your monthly payments. After 3-5 years, the cost of refinancing will be paid and the savings will be yours.
    Be wary of finance companies that offer no point/no closing costs. Some are reputable but many have other hidden costs that can cost you a bundle.
    Good luck
  7. addisonsmommy says:
    If you are paying Private Mortage Insurance (most people that didn’t pay a certain amount down – usually 20% – do) and you now have enough equity in your home, you might be able to refinance and remove PMI from your mortgage payment. That is one way that refinance can save you money.

    Also, if your interest rate is several percentage points higher than what you could currently receive, you could also save money by refinancing.

    If you take a shorter term, such as 15 years, that will definitely save you money.

    Remember, though, that mortgage refinance usually includes several thousand dollars in closing costs, and can take several years for those costs to break even with your monthly savings, so you should never refinance a home that you don’t plan on owning for several years.

    Refinancing is not something you should do lightly. Make sure you know if it’s really going to save you money in the long run.
    http://cgi.money.cnn.com/tools/cutmortgage/cutmortgage.html

    Good luck in whatever you decide.

  8. Steve S says:
    Depends on you. First you have to consider the upfront cost of refinancing. Then is your monthly payment going down. Are you only refinancing your mortgage or are you rolling other debt in ( called cashing out), You may actually improve cash flow and have additional money to pay down debt or live but you need to look at other factors. How long to plan on staying in your house etc. If you talk with a loan or mortgage broker they will help you understand in much more detail. I refied lasted year and it improved my cash flow and increased my credit score by 35 points. I did however roll some of my consumer debt into my mortgage. I am now paying the extra money towards by mortgage. Good Luck
  9. Badshah says:
    I would suggest its always a good idea to refinance your morgage, put all your credit cards, in your morgage. you will end up paying less interest and just one payment. but don’t use those credit cards again or there wont be any point..lol
  10. Toffy says:
    If you are lowering your current interest rate….by at least 1% you will save in the monthly payment and over the course of the loan you will save thousands. Yes it costs you to re-fi but the costs are re-couped. If you don’t go overboard on taking out extra money from the equity. We are finishing up our re-fi now….went from an ARM…that just raised in Dec…to 7.875% down to 5.50%….only took out $12,500.00. Paid off one $4600.00 bill, and financed the costs. We still have $380,000.00 in untouched equity. So if you keep the take out cash amount to a minimum you come out ahead. Keep spending after the fact to a min as well. Save up to fix up.
  11. PepsiLime says:
    You’ll save money only if you refinance your mortgage at a lower interest than you are currently paying. That way your monthly payment will be less, but you’ll still pay it off in the same amount of time as before the refinance.
  12. Courtney K says:
    every one has missed the point- when you refinance you are starting the amortization all over again. You might save a little in lower interest rates- but interest is frontloaded and it will end up costing you more.

    Courtney Kostelecky
    founder DebtFreeNews.com

  13. Ava D says:
    You can get a lower monthly rate from mortgage refinancing. For more information, go to http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html

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