Mortgage Refinance in 2020 with the Lowest Rates Ever
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Refinance Your Mortgage

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Looking to refinance your mortgage? Now is probably a good time to check your credit. Your credit score will affect your ability to get the best rate on your mortgage.

Will you save money?

Depending on the difference between your present interest rate and the new interest rate, your monthly payment will be lower. Usually it makes sense to refinance if there is a difference of one percent or more between your current rate and the new rate. Since there are closing costs involved with a mortgage, you want to recoup those costs as soon as possible. With a one percent savings you will usually recoup those fees in two to three years.

If you are planning on selling your house in the next three years, a mortgage refinance is not going to make sense for you.

Tax deduction

Due to recent changes in tax laws, most borrowers do not itemize mortgage interest and therefore there are no changes in your tax situation when you reduce your payment.

Reduce the Payback Period

One way to reduce the payback period is to find a mortgage loan with reduced costs. Some mortgage companies may refinance loans without closing costs. In this model, it would always be desirable to refinance at any lower rate, since you'd break even immediately.

Rich and Debbie Smith found a deal in which mortgage refinancing fees were included in the new mortgage. From the first payment, they were saving about $130 per month.

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