Savings Corner

APRIL 4, 2024

What is mortgage refinancing? Mortgage refinancing is when you replace your current home loan with a new one. Just like any other loan, you apply for refinancing, which includes a thorough check of your credit, income, employment history and finances. Ideally, you’ll also get a lower rate in the process.

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Savings Corner

APRIL 4, 2024

Christina Zelow Lundquist/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Cash-out refinancing allows you to turn equity into cash through refinancing your mortgage. The terms of your refinanced mortgage might significantly differ from your original loan, including a new rate or longer or shorter loan term.

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Savings Corner

DECEMBER 27, 2023

What this mortgage refinance calculator does If you’re thinking of refinancing your mortgage, it’s probably because you want to save money. There are two ways to save money by refinancing: Reducing the monthly payment. The calculator includes a colorful slider that displays the years remaining on your current loan.

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Savings Corner

APRIL 4, 2024

Here’s how to calculate the equity in your home. How to calculate the equity you have in your home Key terms Home equity Your equity is basically the difference between your home’s value and the amount you owe on your mortgage (and any other loans against the home). Using our example above, that’s 0.8 Here’s how.

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Savings Corner

DECEMBER 27, 2023

What’s behind the numbers in our mortgage amortization calculator An amortization calculator enables you to take a snapshot of the interest and principal (the debt) paid in any month of the loan. Or you might want to compare different loan terms before refinancing. This is amortization at work. The mortgage interest rate.

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Savings Corner

APRIL 4, 2024

Key takeaways Refinancing replaces your current mortgage with a new one, adjusting the rate, term or both. With refinancing, you can change the loan type as well as your lender. Here’s how refinancing a mortgage works, the common options available to you and pros and cons to consider. What is refinancing?

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Savings Corner

DECEMBER 27, 2023

Ideally, you would calculate this before applying for a loan, says Rhode Island-based financial planner Greg Young with Ahead Full Wealth Management. Because of the short terms on unsecured loans, Downing says she doesn’t get a lot of inquiries about refinancing them, but there are times when it’s beneficial.

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