One of the things I love to talk about, is about how a home mortgage refinance should work. Refinancing a mortgage should not be taken lightly and is a life changing decision.
The ultimate goal should be ultimately to own your home outright. A mortgage refinance can either help or hurt this goal. A good way that a refinance can help is to refinance in to a lower fixed rate mortgage. This means getting a new home loan to replace your current loan, only the newer one will have (ideally) lower rates. Or, you could renegotiate a shorter length on the mortgage. Either one will save you plenty of money monthly. If you go with the lower rate same loan length option, you could use that extra cash monthly to build up equity in your home through home improvements. You could also spend it on paying off extreme debt at high rates, that kill your bottom line cash flow every month with their hyper inflated interest rate percentages. These are most likely from a credit card, or store credit, which often carry high fees and surcharges should a payment be short or late. If you choose the option of getting a shorter mortgage length, you are automatically building equity faster, every month in your home. People typically should not refinance unless it is for one of these 2 talked about things.

Research home mortgage lenders on their websites. Their ads are often seen on my page on the top. You can easily compare a multitude of lenders with a few minutes of filling out basic questions about your mortgage. You can use the online calculator on the bottom of the page to get a rough estimate of what you can save by refinancing your mortgage. Make sure you do good research and if you feel uncomfortable with anything do not hesitate to back down, or just disconnect with whomever you are speaking with.


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