Question by Susan Julie: What Are The Tips About When Not To Refinance Mortgage?
What are the helpful guidelines that can guide a person about when not to refinance mortgage. I want details of when not to refinance mortgage, because of lots of demerits of refinancing the mortgage at inappropriate time.
Answer by Maria Alice
It is seen that refinancing the mortgage at inappropriate times is not fruitful, so people must know when not to refinance mortgage to save themselves from long-term consequences. The most important thing that people must know is to have the understanding of the fact that is there sufficient equity in the home. A homeowner who pays the same amount for a longer period should not refinance because it would be not a good deal for him/her. The person should figure out the costs of the refinancing mortgage, and if it is not suitable, then he/she should not refinance mortgage. The person who has sense of when not to refinance mortgage is always successful.
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