refinancing: What does refinancing cost?

Refinancing lenders often require an upfront payment of a certain percentage of the total loan amount as part of the process of refinancing debt. If you are divorced refinancing your home can make things easier in regards to what happens to mortgage payments when the home is given to one of the parties. If youre unsure how much longer you might live in a particular locale use recouping your refinancing costs in five years or less as a good rule of thumb. If the value of your home has increased you may want to look at the possibility of refinancing more than the value of your current mortgage.

refinancing: What should you know and ask when refinancing with banks?

No cash out refinancing occurs when the amount of your new loan doesnt exceed your current mortgage debt plus points and closing costs. Renegotiating a mortgage is technically not refinancing but it is an amendment to your existing mortgage. If you are experiencing cash flow difficulties you may be tempted to lower your monthly mortgage payments by refinancing to extend the term of the loan. A mortgage broker can be a useful tool to help find the most appropriate mortgage for your refinancing.