Forum about home equity loans
Also examine your long term housing plans. A sale of your home within a year or two of mortgage refinancing will not give you enough time to recoup associated loan closing costs out of your lower monthly mortgage payments. It typically takes up to two years to do so. However, if you plan to stay in your home for the long term, mortgage refinancing makes a great deal of financial sense. The monthly savings are yours to use once the loan closing costs are repaid.