I am glad that we refinanced our home mortgage. We got a better interest rate this time. We used to pay 6.25% in interest but then we found a better one which gave us 4.62%. Isn't that a awesome. The only thing I don't like about refinancing is the closing cost that comes with it. It is like, you are paying back the interest that you would save with your new monthly mortgage. But oh well, I guess it is good in the long run.
Do you want to know how closing cost works? Just read more to find out. Banks and other financial institution are very lucky because whatever happens, they don't lose when it comes to mortgage stuff. See, they financed home owners then they earned interest every month, if the homeowner can't pay no more, they repossess the house. Do you see what I mean?
3 sumptuous burps..:
Thanks godness we finished paying our mortgage lasy year. No more payments every month. Yipeee. Diane
Buti kayo may house na.
I am not very familiar with the closing cost of refinancing outstanding loans. I just hope you can get out of that financial hell hole the soonest possible time. Thanks for the post. God bless you all always.
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