refinancing your property

Performance Property Real Estate Question

How Refinancing Can Hurt You Financially

Q: Gerald, I heard interest rates are probably going to go up.  Before they do, I’m thinking we should refinance again.  Mortgage rates are lower now than they were when we last refinanced.  Do you think we should refinance again now? Doug, Hempstead, NY A: Hi Doug.  First of all, let’s define what “refinancing” really means.  Refinancing a mortgage is not free, it’s a service that lenders charge you money for.  When you refinance a mortgage, normally you are paying a lender a fee or a set of fees to lend you money against equity you have in your property. There’s a difference between spending and saving.  Saving is the opposite of spending.  If you go shopping and buy stuff […]

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