Mortgage loan, exploring in depth

The most common reason for refinancing is to bring down the payments on" Title="Great stuff">mortgage loans. Calculate what the monthly savings would be for you by subtracting the estimated monthly payment under the new rate from your current payment. You will then need to calculate what the actual refinance will total. Just like when you obtained your original mortgage, you will have bank fees, documentation and title costs, attorney fees and appraisal costs. The next step is to figure out your "break even point," or when you will actually start saving each month.

05/18/09 5

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