A low interest rate is what everyone wishing to refinance a mortgage will be interested in acquiring. Obviously, it would be absurd to look for a new mortgage with a higher rate. Anyone with the wrongheaded desire to spend more money and deplete savings can do so without acquiring a new mortgage. While the notion of acquiring a more costly mortgage would be considered absurd, it would be equally absurd to allow such a situation to develop by omission. In other words, if you are paying 4.4% on a current mortgage when you could refinance the mortgage and get a 3.3% rate, you are not doing anything very much different than currently holding a 3.3% mortgage and refinancing to 4.7%. The end result, give or take, is you are spending a great deal of money unnecessary. Just run the figures through a free mortgage interest calculator and you might be shocked at the amount of money you are paying in an very unnecessary fashion. People are, certainly, creatures of habit. They do not like to change they way they do things. This can be noble in some ways, but devastating in others. Those completely ignoring the potential to refinance a mortgage will discover they may be devastating their finances….if they discover this result at all.
A Few Interesting Figures a Free Mortgage Interest Calculator May Reveal
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