Mortgage Refinancing is one of the best ways of incorporating your high interest existing loan into a new one at lower mortgage rates, helping you save money. The other advantages of refinancing include:
Cashing-out to meet additional expenses
Paying off high interest loans
Consolidating debts
Changing the amount, term and type of mortgage
Tax benefits
Have you considered whether your savings in the process outweigh closing costs and pre-payment penalties, if any? Closing costs include origination fee, points, appraisal, legal, settlement, title insurance, and escrow fees. The true benefits of refinancing can be evaluated by considering total costs, comparing the interest rate of the original loan to the annual percentage rate of the refinanced loan, and the length of the repayment period. Furthermore, refinancing becomes worthwhile only when you stay in the home beyond the break-even period. The savings generated, if invested wisely, is an added advantage.
Mortgages Corp requires that all lenders in our network practice the ethical and legal guidelines by providing Equal Housing Opprtunity
Our attempt is to provide our clients with up-to-date information on all current mortgage rates. The rates illustrated above are based on current market conditions for today, and are subject to daily change.
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