How to Refinance your Mortgage

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On average many people refinance their home mortgage loans approximately every four years. If you are in possession of your home for two years or more it is probably a good time to review your residential mortgage options. If you're curious and would like to get up to 4 FREE refinance quotes, click below.



As the years go by, your financial needs and priorities may change and ideally your home mortgage loan should change to reflect your new requirements.

Be Aware Of Costs Involved In Refinancing Your Mortgage: Make sure you know all the costs associated with getting out of your current home loan and entering into a mortgage refinance. These costs include penalties for breaking out of your current residential loan, origination fees, credit reports and legal fees, and if required, private mortgage insurance and extra life insurance premiums. Only when you have all the costs associated with refinancing your mortgage and the monthly payment savings will you know whether it's worth your while to go ahead with the new home mortgage loan.

Mortgage refinance costs can run up to 2% of your loan amount. Depending on your standing with your mortgage lender, these costs are negotiable. To increase your bargaining position with the mortgage banker, a significant improvement in your credit score and a lower loan to value help. As long as the interest savings from a lower borrowing rate outweighs the costs, a refinance home mortgage will be to your financial advantage.

Making mortgage loan installment payments more frequently than on a monthly basis can generate interest expense savings for you by shortening the duration of your residential loan. Most mortgage lenders allow for bi weekly mortgage payments. Biweekly mortgage payments are made every two weeks. On a yearly basis, you make the equivalent of 13 monthly mortgage payments. As a result, you make one extra mortgage payment a year. The effect of frequent mortgage payments is it progressively reduces the mortgage loan principal each time a payment is made, lowering the mortgage interest accruing each month. If you had a $100,000 30 year fixed mortgage with a mortgage interest rate of 6.75%, a mortgage biweekly payment plan will save you $31,004.30. The residential mortgage is paid off 5 years 9 months earlier.

Substantial savings could be realized by consolidating all your debts into a home equity loan. The days of having a home mortgage loan, a personal loan, a car loan, a savings account, a checking account and outstanding balance on credit cards are becoming a thing of the past. A home equity debt consolidation loan is secured by your home, bringing lower borrowing rates and tax savings.

Financially, it makes sense to consolidate your various personal loans into a single convenient home equity loan. The interest savings can then be used to pay down your debt principal. A home equity debt consolidation loan only works if you're financially disciplined. This means you don't run up debts again such as credit cards. If you do, you could end up with more debt than you can manage. Since your home is used to secure the home equity loan, failure to make payments could lead to foreclosure of your home.

We hope you can keep all this in mind before refinancing your mortgage. If you would like to get up to 4 FREE refinance quotes, click below.

Helpful Reading

Visit Our Featured Home Value Resources

What is my home worth is something we all ask before selling or getting ready to refinance a mortgage. If you are here simply to find out the current house values of your property, then be sure to visit this page that will give you the current values in your neighborhood. If you're not ready to search for a comparative market analysis or look for house appraisals in person, you can receive a free home value report online by filling out our simple online form that will give you an estimate on the worth of your property.

We'll try to provide as much helpful info as we can before you decide to refinance your house, with so many choices it can be hard. Many home owners search online for information to refinance a mortgage but don't know where to start, or who to ask. We can also provide you with a way to refinance your mortgage online using our secure form that will help you get started.

If you want to increase the value for your property with home improvement that you can do yourself, we'll provide hints, tips and some suggested reading to help you increase house values before you sell. We have quite a few excellent books for sale on the subject, in addition to other resources to help you get started on home repairs or improvements.

Once your have sold your house you may be in the market to find homes for sale in your area. Well, what if you are a first time buyer and are looking for help? Or maybe you have bought a home before, but want to do it right this time. We'll do our best to set you on the right path with links and up to date information for the modern home buyer.

If you already know you want to sell, you're going to need to find a real estate agent to sell your home. Feel free to use our resources and find a qualified agent who is eager to sell your house at the highest possible price and shares the same values as yourself. We give you access to a large database of qualified real estate agents who want to help you sell.