MHA Question “How do I know if the Refinance will improve the stability of my loan

July 19th, 2010 by Kathy

Your “Good Faith Estimate” will include your new interest rate, mortgage payment and the amount you will pay over the course or term of your loan. You will want to compare this to your current loan to make sure you are improving the amounts you pay in payment, interest and keeping or shortening your term.  Also consider that refinancing from an adjustable rate to a fixed rate loan or eliminating higher risk loan terms such as interest only payments or balloon payments may also provide long term stability.

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