Should I refinance my loan? rates are at all time low?
This is a question I get asked a lot even from other realtors.
Yes rates are low but understand when you refinance you reset the clock if you have 10 years in on a 30 year and refinance you could be looking at a 40 year mortgage.
Also there are fees involved a lot of lenders say they don’t charge fees but they really roll them into the loan they do need to get paid also there are other fees, appraisal (yes sometimes waived), escrow and title fees, and other miscellaneous fees. This will get added in and it may not pay to refinance even with a lower payment because you have increased your balance.
For instance: I refinanced a mortgage with my lender in 2013, they told me there were no fees…
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