Are you thinking of refinancing your home mortgage but afraid you’ll screw it up? While there are a number of common mistakes people make, take solace in the fact that these slip-ups can be avoided.
First things first, you want to make sure that refinancing is right for you, says Fred Arnold, a loan professional and treasurer of the National Association of Mortgage Brokers (NAMB).
“It has to make financial sense. It has to save you money and work for your future financial goals,” says Arnold. For example, you want to ensure that with the new loan’s terms, you’ll save money. Another thing to consider is how long you plan to stay in your home. According to Arnold, to cover the cost of refinancing, it’ll need to be about two years or more.
Read More: http://homes.yahoo.com/news/four-refinancing-mistakes-to-avoid.html
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