There are many things to consider when refinancing your home loan and it is important to talk about your loan options with your loan officer. Because the fees associated with refinancing can add up quickly, many mortgage companies waive the fees which may results in a slightly higher percentage than expected.
The amount of time you plan to spend in your home will also impact your decision to refinance, so many mortgage lenders will allow homeowners who expect to live in their home for a minimum of three to five years the option to pay “points” and closing costs upfront, which ensures that the homeowner obtains the lowest percentage rate possible.
It is essential to get informed about refinancing options, rates and expenses. Learn more.