What is refinancing and when is the best time for me to refinance? EZ Mortgages & loans in Boston

What is refinancing and when is the best time for me to refinance?

  When you refinance, you pay off your existing mortgage loan by taking out a new mortgage loan. The refinance process is very similar to the process you went through to purchase your house in the first place.
  Refinancing your loan may benefit you by saving you money in interest and possibly freeing up some extra cash. There are several good reasons to refinance. If interest rates are lower now than when you originally bought your house, then refinancing can save you money each month in interest or help you pay off your debt faster. Also, if you have equity built up in your home you may be able to get a "cash out" refinance. You can then use the cash from the equity in your home on such things as college tuition, home improvements, paying off higher interest rate debts, such as credit cards, etc. And the added bonus is that the cash you get from your "cash out" refinance may even be tax deductible, but you would need to confirm that with your tax preparer or accountant.
  Use the Calculator to give you an idea if refinancing would save you money right now. Calculate net (excluding escrow) monthly payments for your current loan and for the advertised refinanced loan and compare the results.

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