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Figure it Out
Besides a lower rate, the most important thing is
to figure out the time it will take to recover your
closing costs and begin saving money. A general rule
of thumb is 2 years, but it's important to know you
will live in the house long enough to realize the savings.
In most cases, you can finance the closing costs into
the new loan, but it is still important to calculate
the payback. To figure out your cost savings, use these
calculators:
Closing
Costs Calculator to estimate what your closing costs
will be, and how long it will take to recover costs.
Am I better off refinancing?
If it takes too long to recover the costs, you may
want to consider a "no-closing cost" refinance, where
you borrow only enough to pay off your present mortgage
and closing costs on the new loan are paid by the lender.
The interest rate will be a little higher than if you
pay the closing costs, but the savings begin immediately.
Fixed, ARM, Balloon? Help!
How do you choose the right mortgage type? See our
Loan Types or use our selector to help you find out
Which Mortgage is Right for
You?
Apply For Your Refinance Loan
We'll act on your application fast. Because we make
all our loan decisions locally, we can let you know
if you're approved within hours. We may ask for some
documentation of your income and your assets as part
of this process. You'll also need to give us the title
to the property, so we can arrange for it to be updated.
And we'll need a check for the appraisal, so we can
order that. Apply
Now
Close your Loan
Learn about the closing process
and the right of rescission If you haven't used this
calculator, see what your closing
costs will be.
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