When refinancing your home, it’s helpful to know a few things about refinancing. When you refinance, you usually pay off the old loan and sign for a new loan, whether you are refinancing your 1st mortgage, second mortgage or home equity loan. The expense that comes in to play when refinancing are the new closing costs and points charge for getting a new loan.
How much can you expect in closing costs for a refinance? Usually between 3-6% of the total loan amount. So, for a loan amount of $150,000, you can expect to pay around $7 in fees. Usually, a company that will say that have no closing costs, will also charge a higher interest rate to compensate. The mortgage broker has to make money somehow, they will either charge a higher interest rate or charge higher closing costs. The best way to compare refinance lenders is to analyze all of the expenses.
Should I pay down points on my loan? If you plan to stay in your home for more than 3 years, it may be smart for you to consider paying down points on the loan which reduces your interest rate. That pays off if you plan to stay in your home for a while, but if you plan to sell the home soon, you may lose more money paying down the points on the loan.
How can I know if I should refinance or not? If you are interested in finding out whether it would save you money in the long run to refinance with the current interest rate, there are financial calculators online that can help you determine if you would save money refinancing your house or not.
To view our list of recommended refinance mortgage companies online or to use a refi - calculator, please visit this page: http://www.GetSmart.com
Tweet This Post 
Digg This Post 
Stumble This Post
Not many personal loans were taken out in the last quarter of 2008. During the entire year, only 5,500 personal and car loans and mortgages were contracted for an amount of more than 150 million guilders. The number of personal loans did indeed grow, but by “just” 4 per cent, which is, according to the bank, a result of the above-mentioned policy.
The commercial loans increased considerably by 9 per cent. A total of 746 new commercial loans were contracted in Curaçao for a total of 235 million guilders.