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How do I know refinancing will be beneficial?

Understand how refinancing will be beneficial for you.<br>Learn more about refinancing at http://www.hsh.com/finance/refinance/how-do-i-know-refinancing-will-be-affordable.html

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How do I know refinancing will be beneficial?

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  1. How do I know refinancing will be beneficial? Source- www.hsh.com

  2. When refinancing your mortgage you need to first decide what your goal is: Are you trying to improve your monthly cash flow? Are you hoping to pay off your loan at a certain date? Do you want to shorten the remaining term of the loan in order to save money in the long haul? SOURCE-HTTP://WWW.HSH.COM/FINANCE/REFINANCE/HOW-DO-I-KNOW- REFINANCING-WILL-BE-AFFORDABLE.HTML

  3. After determining the goal of your refinance, you next need to consider Differential between your existing interest rate versus the new rate in consideration How far along you are in your existing mortgage How long you plan on remaining in the new mortgage How much it will cost you to get the new mortgage SOURCE-HTTP://WWW.HSH.COM/FINANCE/REFINANCE/HOW-DO-I-KNOW- REFINANCING-WILL-BE-AFFORDABLE.HTML

  4. Improve cash flow Cash flow improvement is usually best achieved with both a lower interest rate AND a re-lengthening of the remaining term to 30 years. Look beyond fixed-rate mortgages to find even lower rates on adjustable-rate mortgages with shorter fixed-rate periods SOURCE-HTTP://WWW.HSH.COM/FINANCE/REFINANCE/HOW-DO-I-KNOW- REFINANCING-WILL-BE-AFFORDABLE.HTML

  5. Saving money over the long term Look to a shorter-term loan, such as 20-year, which would likely bring some break in rate while potentially chopping years off your remaining term, which creates tremendous savings SOURCE-HTTP://WWW.HSH.COM/FINANCE/REFINANCE/HOW-DO-I-KNOW- REFINANCING-WILL-BE-AFFORDABLE.HTML

  6. Consider the cost Then there are the costs of refinancing. If you pay them in cash, out-of-pocket, you'll need to be in the new mortgage long enough to not only recoup what you spent but also to get some actual savings. SOURCE-HTTP://WWW.HSH.COM/FINANCE/REFINANCE/HOW-DO-I-KNOW- REFINANCING-WILL-BE-AFFORDABLE.HTML

  7. You can pay costs by burying them in the loan amount (called a "low-cash-out refinance") or trading them off for a slightly higher interest rate; this can make your savings start as soon as your refinance is closed, but the difference in monthly payment from old loan to new will be smaller. SOURCE-HTTP://WWW.HSH.COM/FINANCE/REFINANCE/HOW-DO-I-KNOW- REFINANCING-WILL-BE-AFFORDABLE.HTML

  8. Learn more about refinancing at www.hsh.com

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