Is a Houston Refinance Worth the Closing Costs?

Jul 19, 2013

Refinancing can seem like a great idea, and for many homeowners it is. However, there are also those who don’t benefit as much from it. What it really boils down to is how long you’ve owned your home and how much longer you have until your mortgage is paid off. If you will be paying the loan off in less than a few years then it will likely cost you more to refinance than you’ll save. Use an online calculator to find out where your breakeven point is, and then decide if it’s worth it. It may be 2 years or 3 years – it all depends on your current mortgage.

 

On the other hand, if you decide to refinance your loan then you could see thousands of dollars in savings. And of course it’s worth mentioning that saving in the long run is not the only benefit to refinancing. Many people also choose Houston refinance because they want to lengthen the term of their loan in order to lower their monthly rate. Or they simply want the lower monthly payment that comes with a lower interest rate. These people can certainly benefit from a refinance and typically find it well worth the cost and hassle.

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