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least. While it's not a huge cost for an appraisal, comparing that with the amount you're going to save on a slight drop in interest rates could show that it will take months to recoup that expense. Don't forget that you'll likely have some additional closing costs from the lender on the new mortgage (you are,Belstaff Sunglasses, after all,Moncler Women's Sweater, taking out a new mortgage even though you have an existing loan) and you may even be facing penalties for paying off your existing loan early. Weigh those costs against what you expect to save before you take this step.
So does that mean that you should never refinance an existing mortgage? Actually, there are plenty of opportunities when refinancing your mortgage makes good financial sense. If you've significantly increased the value of your home or have been paying for several years, you may have enough equity to qualify for a better interest rate. You may also lower monthly payments or refinance to make improvements. In the end,Moncler Mens Vest, it's up to you to weigh the costs of refinancing your mortgage and decide if the time is right for you to take this step.
Mark Lambie is the founder of The Loan House a website that allows consumers to quickly and easily get free mortgage quotes and mortgage information.