Each lender will offer a host of different refinancing package, and each has its advantages and disadvantages, depending on your situation and current financial needs.

This is definitely an option to check in because there is a huge difference between paying 21% interest over 7%.

They will tell you anything to make you sign on the dotted line without really looking papers.

When you decide that it is time for a refinance loan you can be excited and ready to rush and take a new, and hopefully more affordable loan, but you may be overwhelmed with all your options.

In essence, refinancing a mortgage or other type of loan can reduce monthly payments, either by changing the loan at a lower interest rate or extending the loan period so as to spread the repayment over a period longer time.

The only time you may not need to consider is when you plan to refinance the house to finish with a variable rate mortgage to a fixed rate mortgage.

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