Determine if refinancing is right for you by understanding the costs of refinancing your mortgage, based on your current interest rate, a new interest rate and closing costs.
Understand how closing costs for refinancing your loan would compare against resetting monthly payments and total interest over the term of your loan.
Compare the monthly mortgage payment for fixed- and adjustable-rate mortgage (ARM) loans, given the terms of the loans.
Calculate the mortgage settlement charges (or closing costs) for a given set of loan terms, including an amount for private mortgage insurance (PMI) if required.
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