Whether you should refinance your mortgage is simply a numbers game. Does it make sense financially to do it? Will it reduce your payment? Will it shorten years off your mortgage? What will be the payback? You have to figure out what the closing costs will be versus how much you will save each month. For example if you are going to save 50 dollars a month and it is going to cost $1600.00 to refinance. Then your payback time is 32 months ($1600 divided by $50). So you will not be saving any money until the 33rd month. If you sell or refinance again before 32 months you will have wasted your money!
Take the time to figure out what you are saving. Sit down with your mortgage broker, bank loan officer to go over the numbers. Then make a solid decision based on the numbers! If you are a Michigan home owner and would like to find out whether it makes sense for you to refinance your mortgage give me a call on my cell at (313) 310-9855 or email me at ourmortgageguy@yahoo.com Feel free to visit my website at www.russravary.com for more mortgage information, types of loans available, and Michigan real estate
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