Home equity loan, where to start
These "hidden" costs add up: A basic refinance frequently costs $2000 to $3000, and could cost even more. When you know the exact total for your refinance, divide it by the difference between what your currently pay per month and what you will pay per month after refinancing. The result is the period, in months, that it will take you to break even after you have completed the refinance. For example, if you are currently paying $1200, your future payments would be $1000, and the refinance would cost $2200 in fees and taxes, you will break even in 11 months. After that, you would start seeing savings from your new mortgage.