Mortgage Refinancing Basics Choosing the Right Loan
Choosing the right type of loan when refinancing your mortgage can mean the difference between finding the perfect mortgage and overpaying thousands of dollars. Many homeowners automatically choose a 30 year mortgage without factoring in the high cost. Here are several tips to help you decide which type of mortgage is right for your situation when mortgage refinancing.
Most homeowners refinancing their mortgages benefit the most from a 15 year term length. Sure your monthly payment will be somewhat higher; however, you will build ownership in your home at a much faster rate and pay significantly less to the lender in finance charges. Because mortgage loans are front-loaded with interest, your payment in the early years goes almost entirely to interest. By choosing a 30 year mortgage when refinancing your home you are paying this interest unnecessarily.
The type of interest rate you choose affects how much you will pay. Mortgages with fixed interest rates come with slightly higher rates than Adjustable Rate Mortgages. The tradeoff for a higher mortgage rate is that a fixed rate mortgages has less risk and offer predictable payments you can plan your budget around. Many homeowners avoid Adjustable Rate Mortgages because theyve heard the higher risk of these loans results in payment shock when the lender adjusts the interest rate. However, when used correctly, Adjustable Rate Mortgages can save you thousands of dollars with the lower mortgage rate.
You can learn more about your mortgage refinancing options, including expensive mistakes to avoid with a free mortgage tutorial.
To get your FREE six-part Mortgage Refinancing Tutorial, visit RefiAdvisor.com using the link below.
Louie Latour specializes in showing homeowners how to avoid costly mortgage mistakes and predatory lenders. To get your hands on this free video tutorial: "Mortgage Refinancing - What You Need to Know," which teaches strategies for finding the best mortgage and saving thousands of dollars in the process, visit Refiadvisor.com.
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