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Finance Tip of the Day

Refinancing 101

  • 2016 18 Apr
  • COMMENTS
Refinancing 101

mvelopes

Refinancing 101

Timing and circumstance are the most important things to consider when deciding to refinance a home. This is also the first place you should start. You have to plan on being in the house for many years in order for refinancing to make sense. The national average for closing costs on $200,000 loan is $3,754. This does not even include taxes, insurance, or prepaid items. Consider how many months of lower payments it will take to recoup the closing costs of a new mortgage.

Today's tip brought to you by Mvelopes and Money4Life Coaching.


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