Thinking About Refinancing? Is It Worth It?

With rates as low as they are many homeowners may think about a mortgage refinance. Question is….when does it make sense to refinance? Answer: when you compare the true cost of doing a new refinance and divided that by the monthly savings in interest on your mortgage payment. If your current mortgage payment is $2,000, you refinance and drop the payment to $1,800, you’ve saved $200 bucks per month. Even if the refinance loan costs were $2,400, you would recoup that fee in just 12 months. Pretty good, huh! The bottom line is if you plan on living in the home for that 12 months, you’ve done yourself real good. More info: mortgage refinance St. Louis

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