If you’re considering refinancing your home loan but are struggling with the question Should I Refinance My Mortgage, here is some insight from a recent article in the San Francisco Chronicle to help you decide if mortgage refinancing is right for you.
Yes, refinancing can be a great way to save money. If you do it right, you can improve your short-term cash flow while also increasing your long-term net worth. But a bad refinance can put you in a situation where the only person benefiting is the loan officer. If your answer to any of the questions in this article is “no,” you may be better off looking for simpler ways to decrease your expenses.
Once you’ve decided to go ahead with your mortgage refi there are steps you can take to avoid overpaying. Many people focus solely on getting the best refinance rates that they overlook what they’re paying in fees like the loan origination fee or other closing costs.
This common mortgage mistake can cost you thousands of dollars and lengthen the amount of time it takes to recoup your expenses from refinancing before you realize any benefit from the lower payment amount. You can learn more about avoiding common mortgage mistakes that lead to unnecessary markup and paying junk fees by checking out my free Underground Mortgage Refinancing Videos.