Home Buying in Miami>Question Details

Amanda Cliff…, Home Buyer in Miami-dade County, FL

How does making extra payments affect the decision to refinance?

Asked by Amanda Clifford, Miami-dade County, FL Tue Apr 30, 2013

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If you have been making extra payments on your current debt, it is evident that you are trying to reduce the total amount you will pay for your home throughout the life of the loan.

The decision of refinancing is primarily focused on reducing the amount of your monthly payments which does not necessarily translates into what I stated on the previous sentence.
0 votes Thank Flag Link Tue Apr 30, 2013
What extra payments are we talking about? Do you mean closing costs on the new loan?
I refinanced my home with Chase last year, it was a smooth, pleasurable experience, no stress whatsoever, never paid a penny actually even received a small check back and got one month free without any mortgage payments at all. So it was no extra payments on my side and I am saving money monthly since then.
0 votes Thank Flag Link Tue Apr 30, 2013
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