Do you refinance online?

[henry123]

There are may platforms available over internet now days offering the facility to refinance home loans. I would like to ask you guys that how many of you guys are using refinancing platforms online and do you prefer online refinancing or not?

[Eugine]

A refinance is an entirely new loan with new terms that pays out your existing loan and takes over. Because refinancing, an "online refinance" or not, is a new loan it comes with all the costs that accompany the set up any new loan. Well, if you have a loan already then why would you shell out another couple grand for something you already have? You wouldn't, unless by investing a few thousand in a new loan you could save a few thousand every year for years to come. Now it is more complicated than that because people refinance for all different types of reasons given their specific circumstances. One thing is for sure, if your particular circumstances are agreeable for a refinance loan, then by not moving forward in the right direction you are costing yourself hundreds, probably thousands, of dollars per year in unnecessary interest costs.

* Lower your interest rate, lower your monthly payments
* Reduce or increase the length of your mortgage
* Get cash out
* Consolidate a first and second mortgage
* Get out of your ARM and fix a rate while they're still low