1709: [Part 1] Should I Refinance My Mortgage by Scott Rieckens of Playing With Fire on Home Loan Savings
Optimal Finance Daily - Financial Independence and Money Advice
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When Should You Refinance Your Mortgage?
Most common government insured mortgages are f h a loans, us d a loans for rural areas and v a loans for members of the us Military. There are also two other loan types you'll see fixed rate and adjustable rate mortgages. When it comes to refinance a mortgage, a primary driver for a lot of people is saving money. For example, let's say you have a hundred thousand dollar mortgage at four % with 30 years remaining. Your payment drops to 421 dollars per month, freeing up an extra 56 dollars of cash flow per month. Not only that, but the total int st you pay drops to 51 thousand 912 dollars. You save over 20 grand in interest by refinancing it
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