What Are the Questions to Ask When Looking to Refinance a Mortgage?
A mortgage refinance can save you thousands of dollars over the life of your mortgage. For example, if you can refinance your current 30-year fixed-rate loan of $200,000 from a 6 percent interest rate to 5.5 percent, a modest improvement as refinances go, you will save $756 a year or $7,560 over 10 years. A mortgage refinance is a loan you use to pay off your current mortgage and negotiate a new one with better terms. However, refinances are not for everyone. Consider several factors before deciding to refinance your mortgage. investing money image by dinostock from Fotolia.com investing money image by dinostock from Fotolia.com Save thousands by refinancing to a lower interest rate. 8737b97f-9df6-9d41-7fc3-dafc6645387f400300 What Will It Cost? The Federal Reserve Board estimates refinances cost between 3 to 6 percent of your mortgage balance. This does not include any prepayment penalty fees you have to pay on y
