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PostHeaderIcon Refinance Payments & Refinance Questions

Refinance payments are the payments you will be making once you are done doing a refinance. Monthly payments can be reduced a great deal once a refinance of the mortgage is done. Since the mortgage payment is most likely the largest monthly payment you will have, it’s a good idea to keep it as low as possible. If a refinance is going to increase your payments it may because you changing the life of loan. Meaning if before the refi you had a thirty year loan and then after you do a refi you change it to a fifteen this may increase the payment since you are cutting the loan life in half.

A question one may have in should I refinance my mortgage? This question is one that many people have. The answer to this is yes and no, it all depends on the situation that one is in. You would want to refinance if your monthly payments are becoming too difficult to make. Also another good reason to refi is to cash out money for home improvements or other various things. One may also want to refi to pay of some other debt, like credit cards, car payments, etc. A reason when one shouldn’t refinance their mortgage is when they are only going to be saving under a hundred dollars a month. This will cause your loan amount to go up.

Some refinance questions that a client may have are, how much closing costs? This question can be answered once an application is done, but a company can give you an estimate on how much they may be. Another question may, how much is my house appraised for? This question may be answered once a certified real estate appraiser does an appraisal of the property. Another question will be how long the life of my loan is? This depends on the length a borrower wants; it can range from then year to a thirty year. How much is loan amount going to go up? The answer to this question may vary depending on how much money the borrower is cashing out, or how much debt he consolidating and also if the client want the closing costs to be rolled into the loan. Any type of refinance question can and will be answered by a licensed loan originator when you call a company.

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