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Most people refinance a mortgage to get a lower interest rate, which in turn will produce a lower monthly payment. When you refinance your mortgage it is a good rule of thumb to wait until you save at least 2 percentage points or more on interest, though the actual value of refinancing your mortgage depends on how large your mortgage is and how much you are refinancing. When you refinance your mortgage there are closing costs involved so you will need to remember this when you are factoring your calculations. However, some mortgage lenders have special programs whereby you can refinance without closing costs, in which case the 2% rule of thumb could be null and void, as you would be saving quite a large sum of money in closing costs.
- Lower your monthly mortgage payment to improve your outgoing expenses
- Free up tax-deductible cash
- Switch from an Adjustable Rate Mortgage (ARM) to a fixed rate loan
- Switch from a fixed rate loan to an Adjustable Rate Mortgage (ARM) with a decrease in your interest rate (remember that ultimately the interest rate for an adjustable mortgage can go up higher than that of a fixed rate mortgage)
- Eliminate Private Mortgage Insurance (PMI). If the mortgage amount you are refinancing is less than 80% of the total cost of your home, you could rid yourself the extra mortgage insurance you are paying if your current mortgage was for more than 80% of the value of the apartment.
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