Monday, February 15, 2010

Refiance Your Mortgage Early?

Many people do not realize that you can break your current mortgage contract early. The current bank/lender that you are working with will let you break the current agreement with a penalty. This penalty will be either a three months interest or interest rate differential. These penalties are based on your current contract that you have. The reasons for refinancing your current mortgage vary depending on what your needs are. You should always calculate your penalty into the cost of refinancing to determine if it is going to save you money. An accredited mortgage professional will determine and present you with your best options to choose from.

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