Refinance Rates                          

When considering a mortgage refinance, it pays to shop around. Refinance rates can vary substantially. Some mortgage rates include points interest which is paid upfront while other rates do not have points.

mortgage calculator

No cost refinance has become a popular option. The costs of refinancing a mortgage, usually several thousand dollars, are rolled into the new mortgage, and are paid off over the life of the loan. For example, if you are borrowing $100,000 and the closing costs are $3,500, the new loan will be for $103,500. This way you do not have to pay the closing costs out of pocket when you refinance. No cost refinance allows homeowners who may not have spare cash to pay closing costs to take advantage of favorable interest rates and terms.

Using a refinance calculator will help you decide whether refinancing your home makes financial sense. There are numerous refinance calculators available online, offered by financial institutions and other entities.

Before you use a financial calculator, you need to gather some basic information:

Current Mortgage:
  - Current monthly payment
  - Balance left on your mortgage
  - Length of time left on your mortgage
  - Current interest rate

Refinance Mortgage:
  - Interest rate of new mortgage
  - Loan term of new mortgage
  - Amount of cash out, if applicable
  - Closing costs and points

Once you input this information, the mortgage calculator can tell you what the new monthly payment will be and what the payback period is, that is, how long it will take for the monthly savings to make up for the closing costs. This information can help you decide whether a refinance at current rates makes sense.

Mortgage Refinance References & Resources

Federal Reserve: A Consumer's Guide to Mortgage Refinancing

Smart Money: Should You Refinance?

Investopedia: Home-Equity Loans - What You Need To Know

Refinancing Calculator

Mortgage Refinance Tips & Guides

Mortgage Secrets Exposed

Learn How To Smash Your Mortgage

Do It Yourself Mortgage Modification

Pre-Foreclosure Acquisition Services

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