It's important to think of all the questions to ask about
refinancing before actually signing anything as refinancing is
not for everyone.
People refinance for many reasons - to lower monthly payments,
to pay off a loan, build equity faster, convert a variable rate
into a fixed rate mortgage etc.
When considering refinancing you not only need to know what
questions to ask about refinancing but you also need to answer
some questions yourself before you seek out the advice of a
lender.
The questions you need to ask yourself include how long do you
plan on residing in your home and how long have you held your
current mortgage?
In order to make the costs of refinancing worth it, you need to
be in your home long enough to reap the benefits. Experts
recommend that anything more than five years is good. If you
intend to move before that time you will have little to gain
from refinancing. And if you plan on moving in three years or
less, it makes virtually no sense at all to refinance.
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