Majestic Home Mortgage

Refinancing Your Home

When interest rates fall, many homeowners refinance their loans to reduce their interest rates, and their monthly payments.
To figure out whether refinancing is right for you, please consider these three factors:
  • How much longer will you keep your home?
  • What refinancing costs will be
  • How much lower your monthly payments will be



The Loan Process
When you compare your refinancing costs with your payment savings, you’ll be able to determine how long it will take you to recoup your costs. As a example, if it costs you $4,000 to refinance and you’ll save $2,000 a year on your mortgage payments, then you’ll need to remain in your house two more years just to break even!
You should also consider issues such as the value of the interest deduction if you itemize.


Refinancing may benefit you by helping to:
  • Obtain a lower interest rate, which will reduce your monthly payments and the overall cost of your mortgage.
  • Consolidate outstanding debt, such as combining a first and second mortgage into a single new mortgage.
  • Reduce the term of your loan to significantly reduce the total cost of your mortgage over the life of the loan

Determine if refinancing is right for you.
Tell your lender what you paid for your home, your outstanding mortgage balance and the amount of your monthly payment. Your lender will be able to itemize the expenses involved with refinancing and estimate your new payments, so that you can choose whether or not this is the right solution for you.

Choose the Best Home Financing for Your Situation

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To contact Majestic Home Mortgage Corp.: 1-888-310-LOAN
If you have mortgage questions, please e-mail us.

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