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Thinking about Refinancing ? Read This...

By tusharm 314 days ago from http://www.everythingfinanceblog.com

If you currently have a 30-year fixed mortgage worth $200,000 at 7% interest, slashing your rate to 5% would cut your payment by nearly $260 a month, or about $3,085 a year, according to Bankrate.com. It may not seem like much at first glance, but it adds up. You could be saving more than $12,000 over the next four years.
Now that you have an estimate of how much you'll save by refinancing and how long it'll take you to break even on your closing costs, you can plan ways to spend the extra savings. Begin by taking a close look at your finances:

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Tags: refinance mortgage home homeowner planning calculate savings retirement debt


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