How Does Your Mortgage Loan Payment Compare to the Neighbors?

Jul 13, 2013

how does your mortgage compare to your neighbors?It’s common for homeowners to not be quite sure if they’re paying too much or too little for their home. They often take steps to find out what their neighbors are paying to see if it’s more or less than they’re paying. While it may be interesting to know what others are paying, the reality is that it isn’t the best way to discover if you’re paying the right amount. Instead, you should investigate your options. Refinancing is a good way to lower your interest rate, which will lower both how much you pay for your home in total and your monthly payment.

 

The first step is typically to find out if your current lender will offer you the option to refinance. If they don’t then you can look into other lenders who will do so. Remember that refinancing does typically involve paying a variety of fees. These can be substantial but if you save a significant amount over time then they can also be well worth it. Use an online calculator to determine how much your mortgage loan payment would be with the lower interest rate that’s being offered, then compare the savings to the cost of refinancing.

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