3 Simple Steps to Assess the Value of Refinancing Your Home

You can lower your payment and maybe retire your mortgage sooner.

Step 1

Check www.mortgagemarvel.com to see how low a rate you could get and how much you’d pay in closing costs. Forget the rule of thumb that to refinance your mortgage you need to reduce your rate by two percentage points. The question is whether you will stay in your home long enough to recoup the closing costs with savings on your monthly payments. You will need at least 5% equity in your home to qualify, and lenders may require a minimum credit score of 660 if you have less than 25% equity. The higher your score, the better your rate.

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