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When is Refinancing Not a Good Idea?

May 4, 2016 by Michael Addison

Refinancing your home can be a great way to reduce monthly mortgage payments or interest rates – or even pay off your debt faster. And while it is a useful tool in budgeting for millions of homeowners, a home refinance may not necessarily be useful in every situation – in fact, there are some situations where refinancing can cost you a great deal of money. So when should you skip the refinance and simply keep with the original plan? Here's what you need to know. If You've Already Paid Off Much Of Your Mortgage When you first start paying a mortgage, most of your monthly payment goes toward the loan's interest rather than its principal amount. But as you start paying down your … [Read more...]

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Refinancing Tips

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