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Refinancing Your Mortgage |
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 By: Bill Riley
You can opt for refinancing your mortgages for various reasons. If you wish to reduce the monthly payments on your mortgage or if you wish to borrow more money from your mortgage, refinancing would be a better option. People often choose refinancing option when the interest rates fall than the previous value. This gives an option to the borrowers to make lower monthly payments. Another reason to refinance your mortgage is when you wish to change the plan, i.e., from fixed rate to adjustable rate or vice versa. Also, if you wish to extend the term of the mortgage, refinancing helps you.
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 Have interest rates fallen? Or do you expect them to go up? Has your credit score improved enough so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage?
The answers to these questions will influence your decision to refinance your mortgage. But before deciding, you need to understand all that refinancing involves. Your home may be your most valuable financial asset, so you want to be careful when choosing a lender or broker and specific mortgage terms. Remember that, along with the potential benefits to refinancing, there are also costs.
When you refinance, you pay off your existing mortgage and create a new one.
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 The National Bureau of Economic Research has an example of a refinancing calculator
Instructions for using refinance calculator:
- This worksheet calculates how far interest rates need to fall before you should refinance an old fixed-rate mortgage with a new fixed-rate mortgage.
- Begin by filling in the boxes under the heading "Basic Parameters." Default values already appear in these boxes. You should enter the numbers that apply to your own mortgage.
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