Under the right cir.stances, refinancing your home can be a pretty savvy financial move. Refinancing can lower your monthly payment or get you some cash depending on the type of refinance . Here are seven smart reasons to refinance your home..Ask Kate When is it smart to refinance a home mort.e My husband and I bought our house in December with a . year fixed rate, $, loan Ask Kate borrow a mort.e insider’sin.Smart Refinance is a no cost mort.e refinance option from U.S. Bank that saves you time and money. Refinance with no closing costs, points or loan fees today. Refinance with no closing costs, points or loan fees today..Typi.y, you refinance your remaining balance for a lower interest rate and a loan term you can afford. The loan term is the number of years it will take to repay the loan. Cash out refinancing, in which you take out a new mort.e for more than what you owe. You take the difference in cash or you use it to pay off existing debt..For example, refinancing to take the equity out of your home can be a good way to consolidate debt or pay for home repairs but it’s not without its drawbacks. Ultimately, you should think about what your long term goals are for refinancing and how it will impact your overall financial picture before you pull the trigger..Determine the total cost of refinancing your mort.e your bank or mort.e broker can provide this information and Divide the total cost of the refinance by your monthly after tax savings. The result is the number of months it will take you to reach the breakeven point. If you plan to stay in the home longer than the breakeven point .”Particularly if something is changing in your life, like if you’re about to retire or you’re on a fixed income.” Then again, there are also some very bad reasons to refinance, which we will reveal tomorrow. Stay tuned! For more smart financial news and advice, head over to Marke.ch..You made it through one of the toughest challenges buying a home. Now, perhaps just a few years later, you’re ready to refinance your mort.e..Questions to ask before a refinance. A home mort.e refinance may sound like a good idea in theory, but it’s not always possible or desirable For starters, lenders haveened up the approval process, making it more difficult to get a loan.. Use your leverage, and make the refinancing deal Finally, after you’ve made the decision that the smartest move you can make is to refinance, it’s time to strike a deal. Lenders know that refi customers hold more cards than purchase loan customers do because they’re not up against a hard deadline. So take the time to find the right loan for your housing situation. We’re happy to walk you through the refinancing deal and help you shave some serious money off the tab..
Benefits of a no cost refinance Compe.ive rates and cash out. A Smart Refinance offers compe.ive fixed rates, plus the opportunity to tap into your home’s equity for major purchases, debt consolidation and other one time needs..Our refinance tool helps you with two important considerations how refinancing will impact your mort.e payment, and whether refinancing, given the cost over time, makes financial sense..