Home Refinance Closing Costs - Things You Should Know

Home refinancing closing costs should be consider before signing a contract. You can actually lose money on closing costs if you aren?t careful. Shopping lenders can help you find lower fees, but you may find other financing options have lower costs.
Length Of Time To Recoup Costs
While the general rule of thumb is to keep a loan for two years to recoup closing costs, it isn?t a hard fast rule. For one, if you only have five years left on your loan, then refinancing won?t save you money since you have already paid most of the loan?s interest. There are also other reasons for refinancing, such as reducing terms or improve caps on an ARM.
To know if you can save money by refinancing, take the time to do a little math. Add up your current mortgage?s interest View the rest of this article