Is it always the best idea to pay off a mortgage over 30 years? While it may help a homeowner lower his or monthly payment, it can mean paying more in interest and waiting several more years to build sufficient equity in the home.
Five Questions You Might Want To Ask Before You Refinance Your Home
Refinancing your home might be a great way to save money or tap into the capital needed to pay off large debts.
It Pays Off To Refinance Your Mortgage
To refinance a mortgage means to pay off your existing loan and replace it with a new one.
4 Of The Best Questions To Ask Before Refinancing Your Mortgage
To get a conventional loan, you will usually need to have at least 20 percent equity. This means that your house will have to be worth at least $250,000 to get a $200,000 loan. If you have less equity, you could end up having to pay for private mortgage insurance, which can easily add $100 or more to your monthly payment.
