Refinancing your mortgage with a Houston mortgage company can help save you money and improve your quality of living. There are a number of benefits that homeowners can receive when refinancing a home. Lowering your current rate is one of the most traditional forms of refinancing. Shortening the term of a mortgage and paying off a mortgage loan in a shorter amount of time can save you several thousands of dollars.
Rates havent been this low for over 45 years, and lowing the finance rate on a mortgage is the most common reason to refinance. You might refinance with a short-term loan and receive even lower rates with a quicker payoff time and still pay less per month than you are now paying
Since refinancing involves paying closing costs, how much and how long do you need to save with your lower payment to pay back closing costs? How much longer do you intend to live in the home? A rule of thumb says you should consider refinancing if you can improve your rate by at least 2%. If your rate improves by 2%, you will pay your closing expenses back in two years or less, which has become the accepted industry standard.
Houston mortgage companies allow a homeowner to borrow up to 80% of the appraised value of their home. Once the outstanding balance of existing liens and closing costs, the remainder is your net cash proceeds. Its important to compare interests rates and closing costs of lenders before selecting one for a refinance mortgage.
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