Mortgage refinance can help you lower your 按揭利率比較 payments and save money in the long run. In addition, it can reduce the risk of losing your home. However, it is important to shop around for the best loan and interest rate.
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You can start by reviewing your current financial situation. Determine your short and long-term goals. You may also want to consider how much equity you have in your home. You can use this equity to pay for college tuition, home improvements, and even a second home.
The best way to decide if you should refinance is to compare your options. You should compare costs, benefits, and services offered by your new lender.
You can also use a mortgage refinance calculator. This tool will estimate the costs of your refinance and the break-even point. The break-even point is the amount of time it will take to recoup your costs.
To calculate the break-even point, divide your mortgage payment by your loan’s interest rate. For instance, if you have a mortgage payment of $600 and an interest rate of 6%, the break-even point is 6,000 divided by 6%, or $150.
Before you go through the refinance process, you’ll need to provide your lender with proof of your income and assets. The lender will check your credit report and score. If your credit score has increased, you will be able to get a better refinance rate.
Your lender will also assess the risks of lending you money. For example, if you’re self-employed, your lender may ask for more income documentation.