Should You Refinance?

Posted September 06 2016
by PenFed Team
person thinking about refinancing

How To Decide If Refinancing Is Right For You

Why would you want to refinance? What are your goals?

Is The Timing Right For You?

  • Think about your credit score
  • Check to see if interest rates have gone down
  • Consider if your income has changed
  • Contemplate how long you plan to stay in your house (refinancing typically makes sense if you plan to stay for a while)

Use a Mortgage Calculator

You'll find several right here!

Consider These Types of Refinancing

  • Cash-out refinancing
  • Standard refinancing

Remember the Additional Costs

  • Closing costs
  • Application fee
  • Title search fee
  • Inspection fee
  • Attorney and lender lees
  • Prepayment penalties on your old payment