Refinance mortgage Reviewing the topic
Then work out what the total cost of the mortgage refinancing will be. Much like you did when you obtained your original mortgage, you will incur costs for documentation work, appraisers, attorney hours and bank fees. You will need to know how long you plan to own the house for the final calculation. Divide the closing costs of the mortgage refinancing by the monthly savings you would gain under the new interest rate. This will tell you how many months it will take for you to recoup the costs of the mortgage refinancing (know as break even.