Refinancing Your Mortgage
- Getting into a Different Type of Loan
- Comparing Refinancing Loans
- When Does It Make Financial Sense to Refinance?
- Rate versus Point Comparison
- The Process of Refinancing
- What Can You Deduct on Your Tax Return?
Getting into a Different Type of Loan
Sometimes, saving money or raising more money is not always the objective in a refinance. You might want to change the type of your loan, or you might be forced to get a new loan. For example, balloon loans—which, after a predetermined time, substantially increase your interest rates, or even become due and payable in full—may require you to get a new loan. In considering whether to refinance your mortgage, you will want to compare the refinancing loans available. You will have to examine your personal situation to determine if it makes financial sense to refinance. It will be important to understand the process of refinancing. And you will need to know what you can deduct on your tax return.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. ("CFS"), a Registered Broker-dealer (Member FINRA/SIPC) and SEC-registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. General Electric Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.