When Should You Refinance Your Home

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Pros and Cons of a cash out refinance | Mortgage Mondays #100 Refinancing could lower your monthly mortgage payment, or it could allow you to take out some cash via the equity you have in your home.

While refinancing your home mortgage is always better than foreclosure, you should take the time to determine if refinancing is right for you. The mortgage refinance process When you refinance your home mortgage, you are simply restructuring your debt-not eliminating it.

Home equity is the dollar-value difference between the balance you owe on your mortgage and the value of your property. When you refinance for an amount greater than what you owe on your home, you can receive the difference in a cash payment (this is called a cash-out refinancing).

The details of your individual situation, not the market, should be the biggest determining factor in whether you choose to refinance. (For related reading, see Watch Out For "Junk" Mortgage Fees.

 · With a cash-out refinance, you can take out 80 percent of the home’s value in cash. With an FHA cash-out refinance, the limit is 85 percent plus you have to pay a mortgage insurance premium and an upfront premium. For some people, taking out a cash-out refinance.

If your income is significantly higher than it was when you bought your home, you might refinance into a shorter-term loan that costs more each month but reduces the interest you pay over time. Or, if you need to lower your mortgage payment while taking advantage of a better interest rate, you could refinance into another loan of the same length.

The question is whether you will stay in your home long. but your loan officer should help you make the right decision to.

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Signs It’s Time to Refinance. A two-point interest rate deduction on a $100,000 home alone could save you tens of thousands of Dollars over the life of a 30-year, fixed-rate loan. Typically, a full point or two is necessary to make refinancing worth your while. The savings from a half-point or less may take years to offset expenses, depending on the terms of your loan.

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