When you refinance your home you will pay off your mortgage and sign a new mortgage loan.  Refinance cost include settlement costs, discount points, and other fees.  You might possibly be penalized for paying off your mortgage early. 

the total cost …

You can refinance your mortgage to shortern your term of payments.  Even though you have higher monthly payments you will build up equity faster and pay far less in total interest over the life on the mortgage loan.

Can’t afford it?  …

Usually when you are considering refinancing your mortgage you look at the costs of refinancing and the savings of a lower monthly payment.

If you shop around you will see “no cost” or “low cost” refinancing packages that lower or get …

With this type of loan you are presuming that your salary will increase over time and the benefit of owning a home is better than renting.

However, the risk to the lender is greater and so will your interest rate be.

Of …

A lender will usually prepare a “Good Faith Estimate” of closing costs.  The lender prepares the estimate of the costs you may have when buying or refinancing your home but may not list all potential costs. The lender may not …