Use a Refinance Mortgage Calculator To Determine Which Route Is Best

Article Posted by Expert Author: Sam Stieler  on 12/13/2013

Refinancing your home loan may not be the most feasible option for your situation. This is because rates may not be at the right level to make this option affordable for you. A home equity loan may actually make more sense if your interest rate is already low and you are going to be living in your home for a number of years. It may also be a better option than refinancing, as the home equity loan doesn't come with the significant closing costs that a refinance does.

There are many resources which can help you identify which option will make the most sense for your unique situation. One of these is the refinance mortgage calculator. This tool can show you just how much you can save by refinancing your mortgage. In addition to calculating costs, it's also important to understand the risks involved with each option so that you lose as little money as possible.

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