Oregon Home Refinance Loans

Written by Linda Alexander
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Are you interested in Oregon home refinance loans? Such loans might make sense if you want to shorten your repayment period, use the equity you have built in your home, or if rates have lowered more than two percentage points since you took out your original mortgage. You can also choose to refinance if you want to switch from a fixed to an adjustable rate mortgage, or vice versa.

Are Oregon Home Refinance Loans Free?

Don't be fooled by so-called "no cost" refinancing options. You will still have to pay the lender a fee. It will just be included in the new loan or the interest rate will be higher than if you paid the charges out of your pocket during closing, making it "no cost."

The best way to calculate whether Oregon home refinance loans are a good option is to figure out how long it will take for you to break even. For example, you could compare your monthly savings against the upfront cost of the loan to see how many months it will take you to recoup your costs. If you plan to sell the house or move sooner than that, it does not pay to refinance.

You can also use Oregon home refinance loans to consolidate your debt. It is a simplified way to repay debts over the long term, but might not be the most cost-effective solution. You have to decide what is best for you. For most people, a lower total cost over the life of the loan is the best reason to refinance their mortgages.

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