5 Questions To Ask Before You Refinance Your Home

Do you ever get the feeling a bank or mortgage company isn’t telling you the whole story? That, perhaps, refinancing isn’t the best option for you, even though they say it is?

Before you take a bank’s word for it, ponder these 5 questions about refinancing your home:

1. How much more will it cost/save you over the life of the new loan compared to where you’re currently at?
2. What’s better: A new second mortgage, a new first mortgage, or doing nothing at all?
3. What term or pay down is your breakeven point from your current debt payouts?
4. What happens if you put all the savings into the new mortgage? How much will you save over the life of the loan?
5. What happens if you save all the new savings?