Home loan Discussion of the basics
When deciding if you should refinance your mortgage, you should first determine the savings you would incur over the life of the loan by using the old interest rate versus the new. Then, compute the cost of the fees and expenses incurred by applying for and obtaining the new mortgage. Make sure you include any penalty fees for paying off the original loan early, if applicable. Lastly, determine how long you intend to keep the property. If the interest rate for your original loan is 7.