How much can you expect in closing costs for a refinance? Usually between 3-6% of the total loan amount. So, for a loan amount of $150,000, you can expect to pay around $7 in fees. Usually, a company that will say that have no closing costs, will also charge a higher interest rate to compensate. The mortgage broker has to make money somehow, they will either charge a higher interest rate or charge higher closing costs. The best way to compare refinance lenders is to analyze all of the expenses.

Should I pay down points on my loan? If you plan to stay in your home for more than 3 years, it may be smart for you to consider paying down points on the loan which reduces your interest rate. That pays off if you plan to stay in your home for a while, but if you plan to sell the home soon, you may lose more money paying down the points on the loan.

How can I know if I should refinance or not? If you are interested in finding out whether it would save you money in the long run to refinance with the current interest rate, there are financial calculators online that can help you determine if you would save money refinancing your house or not.

To view our list of recommended refinance mortgage companies online or to use a refi- calculator, please visit this page: http://www.abcloanguide.com/refinance.shtml
About the Author

Carrie Reeder is the owner of http://www.abcloanguide.com, an informational website about various types of loans.

Recently, an interesting email came across my desk. I'll paste it below. Check it out. ...

Dear Homeowner, Did you know it's possible to build a minimum of $40,000 in home equity, and pay your mortgage off in 10 years or less without making biweekly mortgage payments? Fortunately, for you as a homeowner this is entirely possible. Let me explain how: After 4 years of research, I’ve developed a simple mortgage reduction program that will quickly build your home equity and pay your mortgage off faster than any other mortgage reduction strategy available…without changing your current mortgage and without the use of a biweekly mortgage plan. You're probably thinking it sounds too good to be true…And I completely understand your skepticism. But please allow me to further explain my credentials and show you exactly how your mortgage can be reduced through Mortgage Cycling...