When refinancing your mortgage, it's crucial to calculate the break-even point to ensure your savings from lower interest rates outweigh closing costs.
Refinancing means obtaining a new mortgage to pay off an existing one, which can result in different loan terms and monthly payments.
Understanding your refinancing goals—like lower interest rates or equity access—will guide your decision-making process and choice of loan options.
Homeowners typically refinance or move every 6.25 years, making the break-even period an important factor in deciding when to refinance.
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