Refinance Home Mortgage

Question: If i refinance home mortgage, will i be spending more?

(Posted by: Mark D on 2008-01-03 02:31:23)

Posted by: crey r on 2008-01-03, 02:39:13

It depends on your situation

Posted by: Dally D on 2008-01-03, 02:40:14

Not necessarily. Just make sure that you do your homework before you go for it. You can go to whataboutloans.com/ mortgage/ mortgage-refinance-loans.html if you need more information on it.

Posted by: Serge M on 2008-01-03, 02:40:47

It's entirely possible, if the terms of the new mortgage are less favorable than your old one. Refinancing is not an automatic path to money saving. The conditions have to be right. However, spending more may not be a bad thing. For example, you may decide to refinance a 30 year mortgage that you have been paying for the past 10 years with a new 15-year mortgage at a lower interest rate. Your monthly payments will be bigger, but by the time your mortgage is paid off, you will have spent a lot less money in interest, and you will be debt free sooner. You have to compare your existing mortgage to what is available for refinancing before you can decide whether refinancing is feasible.