Ask 5 Questions Before You Refinance to a Shorter Mortgage » Mortgage Masters Group

Therefore, you might save $30 a month on interest but if it’s going to cost you $5,000 to $6,000 for mortgage insurance, this means that over a five year period for the cost of refinancing is now an extra $1,000 per year that you have to pay back on top of your loan, PLUS interest of the WHOLE TERM OF YOUR LOAN ( most car loans are 5 years).

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If you want to find the best loan for you, the Consumer Finance Protection Bureau recommends talking to at least three different lenders when shopping for a mortgage to compare loan options. Of course you’ll want to compare official Loan Estimates to see which loan makes most sense for you and your family, but you’ll also want to interview your contending lenders to see if you’re comfortable working with them.

 · If you decide you want to help your child pay for college, it’s important not to jeopardize your retirement, warned Travis Boyer, an LPL financial adviser at Secure Planning Group. “A parent’s earnings timeline is much shorter than their children’s,” said Boyer.

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Before taking the leap, ask yourself six questions. compare refinance mortgage rates at today!. At Bankrate we strive to help you make smarter financial decisions. Others choose a shorter-term loan with higher monthly payments so they can reduce. Master Life's Financial Journey. You.

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For example, if your mortgage loan has a five percent fixed interest rate, you will pay five percent in interest each month until the loan is paid off or you refinance the loan. A variable interest rate can and likely will change over the life of the mortgage. It can increase, decrease or do both.

The Four Best Questions To Ask Before Refinancing Your Mortgage.. shorter term mortgages save you money since you pay less interest over their lives. They also get you out of debt sooner, at least with regard to your house.. If you have an adjustable rate mortgage, you may want to switch.

To avoid a bad experience, you need to do some research and ask a lot of questions. and you should discuss it before signing any kind of contract. Start by asking specific questions about how much.