Should you refinance your home?
Is it worth it?
That depends! But should you look into it? Yes!
It’s amazing what 1% can save you over 10, 20 or 30 years.
This is a sweet infographic that breaks down exactly what 1% could mean for a refinance…
Should You Refinance?
Read this for an in-depth answer, or keep reading to get a general idea…
It’s easy to calculate the decision. You will need to figure out…
- The new interest rate after you refinance
- The approximate closing costs of your refinance
- The total amount you would save with the new interest rate
Or you can use the refinancing calculator here.
It’s not always as simple as those 3 steps. That’s why I wrote the more in-depth article.
You pay much more interest in the early years of a mortgage than you do in the later years. This means that a refinance may not make much of a difference if you only have a few years left.
You also don’t want to take out a new 30 year loan if you are close to paying off your existing mortgage.
Without further ado, here is this great infographic from Zillo.com to show you the difference that 1% can make on your mortgage…
Are you considering a refinance?
Have you ever refinanced a home?
Share in the comments!