Five Things Never To Tell Your Mortgage Lender When Facing Foreclosure

1. Never discuss your household finances over the phone with the collection department. What you don’t know is that you are being qualified and not know it. This is the easiest and fastest way to get a turn down. Request a homeowners assistance package so that you can submit the require information.

2. Never tell them you are broke. Even though you may qualify for a special forbearance or modification, you will still need legal fees and foreclosure cost. These fees cannot be put back into the loan. Your lender prepaid them to their attorney to start the foreclosure process.

3. Never tell them you do not live in the property. Under FHA guidelines, before you are granted any workout, you must reside in the property. If you have moved out and your property became an investment property, you better get someone in there with a lease or rental contract before the sale date.

4. Never tell them you are not working, in most cases you will not be approved. Depending on your sale date, your mortgage lender may not be able to qualify you for a special forbearance because of the amount of time left.

If you can’t find a job, I suggest you start a small business months before your sale date, make some money, deposit your income and prepare a Profit and Loss Statement to prove income. Telling them you get paid cash and you can’t prove it won’t hold water.

5. Never tell them the reason you fell behind is because you mismanage your money. How do you expect for them to give you a workout when you still have the potential of falling behind again?

Copyright, Bobby Johnson-2004, All right reserved

Low Interest Rates and Free Online Mortgage Application offered by Online Mortgage Inc, the Featured Company on TransWorldNews.com.pt

Monroe, Ga. 4/30/2007 1:29 AM GMT (FINDITT)

Low rate mortgage refinancing, low interest rates and a free online mortgage application are among the services offered by OnlineMortageInc.com, the Featured Company on TransWorldNews.com.pt. 

Online Mortgage, Inc. is an online consumer direct lender dedicated to providing borrowers with a Keep It Simple way to obtain mortgage, refinance and home equity loans. Since its launch in 2001, OnlineMortgageInc has drawn upon its pro consumer values to improve the lending experience in revolutionary ways. By eliminating the traditional incentive structure to charge consumers higher rates, giving consumers free access to credit scores and getting rid of lender fees, OnlineMortgage, Inc.  is providing a uniquely open, fair and honest loan process.

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Refinance Your Property Online

By refinancing your property online you can take advantage of competitory rates in the convenience of your home. You should see refinancing your property if interest rates are lower, your financial state of affairs have improved, or your credit evaluation have improved. Once you are ready to refinance, search for lenders’ rates online for easy comparison shopping.

When To Refinance

Lower interest rates for mortgage loans are a premier clip to refinance, but there are other modern times to see refinancing too. For instance, if your financial state of affairs have improved through a higher wage or extra cash reserves, then you may measure up for lower interest rates even if rates for mortgages in general haven’t fallen. The same uses for improved credit ratings.

In improver to lowering rates, you can also retreat equity from your property to put in land improvements or pay off high interest credit cards.

Finding Lenders

Lenders’ rates change as much as 5% between funding companies, so it do sense to shop around. Online lending websites allow you to quickly compare rates through general quotes. For an existent refinancing quote, you will need to supply more than elaborate information, but general quotes will give you a unsmooth thought of who is the most competitive.

Besides comparing rates, expression at lenders’ fees and points. These concealed loan costs can intend the difference of thousands of dollars. When comparing loans, add the interest you will pay over the course of study of the loan and all fees and points to get the sum cost of the loan.

Requesting Quotes

Once you have got picked a smattering of possible lenders, petition existent loan quotes from them. Online lenders will necessitate you to fill up out a elaborate questionnaire, providing information about you and the property. Occupation history, property location, and other inside information are all factors in determining your refinancing rates. Requesting refinancing quotes will not lock you into a loan, but will guarantee you are getting a competitory funding package.

Applying Online

You can complete the refinancing procedure online by completing your application through the lender’s website. Typically, if you have got received a elaborate quote, your application is practically finished. Once you have got given the spell ahead, the lender will direct out the concluding paperwork for your signature and approval. The loan procedure from beginning to stop usually takes less than six weeks.

To see our listing of suggested refinance lenders online, visit this page:
Recommended
Refinance Lenders Online.

Home Purchase Loans - When Should I Have a Down Payment?

Get a lower interest rate


If you have 20 percent of the value of the home to put down as a down payment, you can find yourself having a lower interest rate and you won't have to pay private mortgage insurance premiums. Investing the 20 percent of the money in a down payment can be a great way to invest your money in your real estate and secures your money for you for the future.

Invest your money elsewhere


If you don't have the 20 percent to put down or if you have a lot more than 20 percent to put down as a down payment, you should first look for other ways to invest your money. You may be able to find a better place to put your money as an investment. Look at stocks, mutual funds, certificates of deposits—whichever investment forms work for you.

Putting more than 20 percent of the value of your home down as a down payment doesn't net you a whole lot unless you have a personal concern about having a sizable debt to your mortgage lender. The other good reason for investing your money in your property is if you belief putting your cash into the value of your home will prove to be a better investment than investing your money in other ways.

What if I have less than 20 percent?


Carefully consider what to do with your money. There are many ways to get a mortgage loan, even if you don't put any money down as a down payment.

The Bottom Line


The main reason to invest as much as you can in your home as a down payment even if you don't have the 20 percent down payment is because the more money you use as a down payment, the smaller your loan. And the smaller your loan, the less money you'll owe in interest payments each month.

Understanding Home Owner Debt Consolidation Loan

A person takes loan to meet his needs. Now as long as he pays off the loaned amount on time, it is good. But the problem occurs once he fails to repay the loaned amount. Hence he falls in debts which continuously go on increasing. The same could happen to any homeowner and to help him in such crucial situations, homeowner debt consolidation has emerged in the loan market.

There are several features of debt consolidation loan. Some of which are mentioned below:
Here a lender offers a good amount of money to a homeowner who is in debts.
Repayment period is quite adjustable here.
Rate of interest becomes suitable for a home owner.
With the help of home owner debt consolidation loan, a homeowner can easily improve his adverse credit score.

These are a few of many benefits associated with homeowner debt consolidation loan. Now you can ask what exactly helps here a borrower to remove his debts. Well, the ever increasing debts can easily be removed by consolidating all unpaid debts in to one single manageable loan. It makes the borrower responsible to only one lender instead of several lenders. Moreover a home owner gets a chance to ignore the irritating phone calls from his/her earlier lenders.

Best way to access homeowner debt consolidation loan is online method. Go to any search engine and access the sites of lenders relating to your desired loan. Once you get the search results, carry on by comparing the loan offers of one lender to other. Make sure you have read everything about a lender's offer before selecting it. In this way come up with the best offer regarding homeowner debt consolidation and remove your increasing debts in single attempt.

Refinance Online

If you desire a low interest, low payment mortgage refinance, refinancing online could be the answer. There are many mortgage companies who specialise in mortgage refinancing online. No matter what your credit history, you can refinance your mortgage online and potentially salvage thousands of dollars in interest on your loan. With interest rates being at a historical low level, clients anticipate great rates and low payments from mortgage lenders. Online lenders can offer you free quotes and low interest rates when you apply for a mortgage refinance loan online.

Online lenders vie for clients by offering inducements and extremely low interest rates, even for a subprime loan. Bad credit will not unfit you when you apply to refinance online. Subprime online lenders will offer you the lowest rates possible and easy terms on your refinance loan. Refinancing online is quick, easy, and convenient. You can be pre-qualified or even pre-approved in a matter of minutes. You can get the refinancing procedure now when you finish a mortgage refinance application online.

If you have got less than perfect credit, you can still measure up to refinance online. There are online lenders who specialise in subprime loans for those with poor credit history. As with any mortgage lender, subprime loans will have got higher interest rates than loans for those with good or first-class credit. Subprime lenders, whether traditional or online, will help you in getting the lowest interest rate possible for your credit situation. Bad credit will not forestall you from refinancing your mortgage online.

You should comparison store when looking for online lenders. In order to get the very best terms when you refinance online, you need to compare the interest rates and monthly payments offered by assorted online lending institutions. Online lenders vie for clients and are currently offering amazingly low interest rates and may be able to drop the amount of your monthly payments dramatically. When shopping for online lenders it is wise to get quotes from respective different lenders before making a decision. Determination the best interest rate possible tin save you a batch of money over time. When you refinance online you will happen mortgage experts who will help you during each measure of the refinancing procedure and will reply all your inquiries in a prompt, professional manner.

Refinancing online is an first-class pick when shopping for mortgage lenders. Your application will be processed quickly and one or more than online mortgage companies will reach you promptly. If you would wish to take advantage of today's low interest rates, apply to refinance your mortgage online today. A poor credit history will not forestall you from qualifying for a mortgage refinance loan from an online lender.

To see our listing of suggested online refinance mortgage lenders, visit this page:
Recommended
Online Refinance Mortgage Lenders.

Refinance Your Second Mortgage

A 2nd mortgage is a secured loan on your property, with your home serving as collateral. Depending on the particular terms of your second mortgage, you could be able to refinance if you wish to reduce your monthly payments or are in need of extra cash. Refinancing a 2nd mortgage can be an option for those who want to pay off their mortgage (excluding any home equity lines of credit), reduce the interest rate they currently pay on their second mortgage, or simply want reduce their monthly payments. Refinancing a 2nd mortgage can also be an option if the homeowner wants to pay off the mortgage, including home equity lines of credit, and receive cash.

You can refinance your second mortgage even if your credit is less than perfect. Second mortgages are an excellent means of reducing monthly payments and getting extra cash for bills, remodeling needs, or any reason the homeowner sees fit. If your interest rate on your 2nd mortgage is substantially above the current interest rates being offered by most lenders, you may be able to refinance your second mortgage. Sub-prime loans are available for second mortgage refinances and even with adverse credit, you may be able to lower the amount of interest you pay on your second mortgage. A poor credit rating is no reason not to explore the possibility of refinancing your 2nd mortgage.

Lenders are standing by to give you a no-obligation quote on refinancing your second mortgage. You can get quotes from several different lenders with one simple application, reducing the number of inquiries on your credit report. Often you can submit your application with no initial credit inquiry at all. Now is the perfect time to think about refinancing your second mortgage. You could be approved in less than twenty-four hours and begin saving money each and every month.

Refinancing your second mortgage is a fast, easy process and with the availability of multiple quotes from one simple application you will be assured you are receiving the lowest rate and best terms possible for your individual situation. If you have poor credit, you may still be able to refinance your 2nd mortgage. Mortgage lenders work with any credit situation and may be able to save you money by refinancing at a much lower interest rate that you currently pay. Get multiple quotes on refinancing your second mortgage from one fast, simple online application. The potential decrease in your interest rate could save you money on your payments each and every month.

To view our list of recommended second mortgage refinance lenders, visit this
page: Recommended 2nd
Mortgage Refinance Lenders.

Tips On New York Mortgage Refinance Loan

Many homeowners desire to cognize if it deserving pickings a New House Of York mortgage refinance. How make you cognize if New House Of York mortgage refinancing do sense in your case? Read on to understand when you should refinance and how to travel about doing it.

When you take up a New House Of York mortgage refinance loan, you pay off the old mortgage and take up a new one. That agency you pay similar costs such as as price reduction points, settlement costs and other fees as in your old mortgage. The sum cost of a New House Of House Of York mortgage refinance would depend on the interest rate,number of points, and other costs like assessment and attorney's fees needed to get a loan.Many mortgage lenders publicize lowest rates for New York mortgage refinancing. This is possible because the lender charges respective points on the loan and the sum cost come ups to around 3 to 6 percent of the sum amount you borrow. Other lenders may offer no points but higher interest rates. While this reduces the initial costs of the New House Of House Of York home loan refinance,the payments go higher.

The amount you salvage on a refinance depends on a number of factors like the sum refinancing costs, whether you sell your home in the close hereafter and the personal effects of mortgage refinancing in New York on your taxes. Bash not take a New House Of York mortgage refinance loan unless the refinance interest rate is at least 2 percent points less than the old mortgage. Some lenders in New House Of York offer low cost refinancing options with no points. Such programs may assist salvage a considerable amount.At closing, you may be required to pay settlement costs. These costs may include loan application fees, statute title search, appraisal, loan origination,credit check, attorney's services, recordation fees or transfer taxes. Ask the lender for the complete listing of charges that you need to pay while shutting a New House Of House Of York mortgage refinance.If you take up a low interest refinance,there will be less interest to subtract on your tax returns.This additions your tax payments and reduces the nest egg you may have from a lower interest New York home loan refinance.

For item you can see the land site : http://www.nymortgagedepo.com/

Refinance Advisor Online - What to Ask Before You Sign When Refinancing

Before you sign your new mortgage loan, be sure that your lender or mortgage broker has disclosed their annual percentage rate (APR) and their terms. Lenders are legally required by the Truth in Lending Act to disclose the cost and terms of your financing package before you sign any final paperwork. If a lender refuses to reveal this information, you should find another lender who follows the legal process.

Asking About APR

When you begin shopping to refinance your mortgage, you should ask about the APR along with other fees and rates. The APR includes the total interest, points, and other fees. The APR allows you to make a quick comparison between lenders. However, your APR could be higher if you wish to pay points for lower interest rates.

You can call up individual lending institutions to request this information or use an online mortgage broker. With their websites you will receive offers from several different mortgage lenders. They will list out their rates and fees. You may also find better deals on closing costs or interest rates since online lenders have reduced overhead.

Requesting Terms

Federal law requires all lending institutions to disclose loan costs and terms before you sign for the loan. Most of the time, lenders will send out the paperwork with your application, but some financing companies wait until the settlement period.

Once you have your loan terms, review them carefully. The mortgage terms will include information on finance charges, payment schedule, and APR. You also have the right to cancel your loan within three business days after settlement or receiving your Truth in Lending disclosures, whichever occurs last.

Inquiring About Application Refunds

While you have the right to rescind on your home loan, you may forfeit your application fee depending on the lender. Application fees for processing your loan usually total $100 to $200, which is paid with your application. All other loans fees are required to be refunded if you cancel your loan within the three days of closing.

Some lenders do not refund application fees if you cancel or are not approved. Before you apply, it is best to ask about refunds along with rates and fees.

To view our recommended mortgage refinance lenders online, visit this page:
Recommended Mortgage Refinance Companies Online. You should be able to find a mortgage refinance company online
that will work for you.

Refinancing Costs - What to Expect

Refinancing your current mortgage is a wise financial determination if you can reimburse the costs of a refi. An average refinancing deal, you can anticipate to pay between two and six percent of the loan amount if fees and points. On average if you can lower your interest rate by two points, then you will usually come up out ahead in the end.

Normal Mortgage Costs

Refinancing your home is just like taking out your mortgage the first time. All the loan costs you paid for your original mortgage, you will have got to pay again. Usually these had up to $2000 in fees plus at least one point. Fees will be included for application, appraisal, survey, attorney review, and statute title search.

Besides the loan inception fee of 1%, you can also anticipate to pay a couple of points for lower rates. Points are flexible though. You can take to pay no points for a higher rate, or a couple of points for lower rates. Base your determination on how cost effectual points would be. Using an online mortgage calculator can assist you calculate the costs and nest egg of each option.

Extra Fees For Refinancing

Besides regular mortgage fees, you may get stung on a prepayment punishment or private mortgage insurance. Prepayment fees are prohibited on federally back loans, such as as Federal Housing Administration or Virginia mortgages. Some states also restrict prepayment fees. Check your current mortgage before deciding to refinance.

You may also be hit by private mortgage insurance (PMI) if you make up one's mind to take out your equity. This tin add up to respective hundred dollars a year. But if you have got got a authorities backed loan, you don’t have to worry about this issue.

How To Decide

When you are trying to make up one's mind on whether to refinance or not, take a expression at your loan and home goals. If you be after to remain in the home for respective years, then you have got the clip to reimburse costs.

You can also petition quotes from mortgage lenders to see what sort of deal you can get. With no committedness on your part, you can take a expression at rates and points that are being offered. To see our suggested beginnings for payday loans online, visit this page:
Recommended Refinance Lenders Online.

If You Are Thinking About Purchasing Your Own Home

If you are thinking about purchasing you own home and are not quite sure what you have to do in order to secure a mortgage loan it is a good idea to check out the banks and lenders who supply these loans, get to know what the interest rates are and decide if you will be able to afford a loan or not.

When you shop around for a mortgage loan you will find that there are many banks and financial loaning companies that offer loans. Speak to them about the interest rates and what type of loan charges you will be liable for and also application fees if any, that have to be paid.

There is often a lot of information for first time buyers in the media. You might find that various banks advertise their loans in the local newspapers and give a discounted interest for a very limited period of time. If you can cash in on a discount you can count your self lucky as this will make a huge difference on the amount of the loan that has to be paid back.

This loan is secured against the home so the lender does not have too much of a risk of losing money. He can sell the house out under you if you do not pay your monthly payments regularly. While paying this mortgage you could decide to pay promptly each month and in this way build up a good credit history for the future.

Trouble Brewing For Adjustable Rate Mortgage Holders

Recently the chemical bond market in the United States went topsy-turvy with a motion that volition cost homeowners with adjustable rate mortgages a batch of money. The status is called an upside-down output curve, and it could drive mortgage payments higher for as many as one 3rd of America’s homeowners.

This phenomenon in the chemical bond market follows a roseola of interest rate additions by the government. As a consequence of these rate tramps it will cost homeowners more to refinance their mortgages. The inversion in the chemical bond market may have got been caused by a deficiency of investors during the holiday season. This coupled with inflationary concerns and the possibility of a recession in 2006 may have got contributed to the condition, which hasn’t occured in the last five years. Under normal market conditions, long term interest rates are higher than their short term counterparts. The ground for this is simple; lenders anticipate a higher tax return when they loan their money for a longer clip period of time. When the inversion happens short term rates rise above long term interest rates creating an imbalance in the marketplace. The interest rate you pay on an adjustable rate mortgage is tied to these short term interest rates.

This status coupled with recent rate tramps have significantly reduced the demand for adjustable rate mortgage loans. This haps when the nest egg of an adjustable rate loan over a traditional 30 twelvemonth fixed loan shrivel to the point where adjustable rate mortgages lose their luster. For illustration if you were to purchase a $200,000 home with a traditional 30 twelvemonth mortgage at 6.25%, your payments would be approximately $1,230 a month. The same home with an adjustable rate mortgage would give a payment of $1,165 at 5.75%. The adjustable rate mortgage loan is a savvy method for buying a home as long as you remain on top of interest rates. When the interest rates get to lift as they have got been coupled with current market conditions, you could see your monthly payment skyrocket.

Many analysts believe the mentality for 2006 is not good; short term interest rates are likely to go on their stair-stepper increases. This is not good for mortgage interest rates especially if you financed your home using one of the riskier spirits of adjustable rate mortgages. These risky assortments include interest only and option adjustable rate mortgage loans. The risky loans allow many homeowners to purchase more than home than they could normally afford, often ending in foreclosure.

If you are a homeowner with an adjustable rate mortgage loan you should see refinancing now before your payments go a problem. To salvage money when refinancing your home you need to make your homework first and store around for the best deal. If you don’t have got clip to make the legwork yourself a good mortgage broker can often happen you an first-class deal.

Fast Construction Bridge Loans Explained

First lets look at what construction bridge loans are and what you need to look out for when shopping around. One of the main factors is the cost plus whether the finance can fix your property problem.

Let us now explore various times when you may need a business bridge loan. Below are some bridging loan examples.

Situation 1 - Purchasing a property at auction - With land and property auctions it is normal that transfers of funds take place very shortly after an auction ends. If you have no commercial mortgage or loan in place then bridging finance is a perfect short term solution.

Situation 2 - Venture capital - Many entrepreneurs us this type of credit to take advantage of deals where money is needed now not in a couple of weeks. Because of the speed that these loans can be arranged in they are perfect for this type of application.

Situation 3 - Any legal reason - If you have another use for commercial, domestic or any reason whatsoever then you'll be glad to know that you can use this type of credit for any reason provided that it is legal.

Many people don't apply for construction bridge loans because they expect to be rejected, or have already been turned down by their bank or building society. You may be surprised though as we can accept applications from applicants with County Court Judgements.

One of the main concerns for people is the cost, however for a loan for the total amount of £100000 at a rate of 1% per month would cost you £1000 for a 1 month period. However rates can be offered at lower or higher rates.

For more information and many more articles visit Bridge Loans

Refinance Mortgage Rates

Refinance mortgage rate is the best rate available to qualified homeowners for refinancing their current home mortgage. Refinance mortgage rates vary from product to product and customer to customer. A consumer with excellent credit will qualify for the very lowest and best refinance mortgage rate but one with problem credit will have to pay a higher rate of interest. Refinance mortgage rates are offered by mortgage loan companies, banks, and savings and loan associations. You can find out the best refinance mortgage rate by going to an Internet web site and supplying answers to a survey that will enable a quote to be made for your particular situation.

The refinance mortgage rate you are hoping to find will enable you to save money on your mortgage by reducing your monthly payment. In addition, refinance mortgage rates can greatly lower the long-term interest you will pay on your home mortgage and can save you thousands of dollars in the life of the loan. A refinance mortgage rate that lowers your mortgage interest can allow you to complete home repairs and have money for other needs that you just wouldn't have had otherwise. Refinance mortgage rates vary according to an individual's credit report and other variables that are added into the refinance equation.

A consumer's credit status, employment status, mortgage payment history, and amount of money refinanced determines a refinance mortgage rate. Refinance mortgage rates can be obtained by applying for a mortgage refinance or by supplying information and generating a quote for a refinance. A refinance mortgage rate has a minimum and maximum amount that can be borrowed. Refinancing a mortgage may require a down payment and may require closing costs. You can obtain all the particulars by contacting a mortgage loan refinance specialist.

Refinance mortgage rates are variable according to fluctuations in the economy, but refinancing a mortgage can still be a smart move on your part. Even when rates are not at record lows, paying off high-interest credit card debts and lowering your monthly payments always makes good financial sense. Refinancing for a better refinance mortgage rate does not have to lengthen the term of the loan. Mortgage offers contain many terms less than 30 years, and some are as few as 10 years. Refinance mortgage rates can make a big difference in your lifestyle and your finances for years to come. Genesis 39:5 says, "And the blessing of the LORD was upon all that he had in the house." Using your house to your advantage can bring a blessing in itself.

These Loans Are Very Popular For Home Improvements And Repairs

These loans are very popular for home improvements and repairs. As this has to be done periodically it is a good way to finance the cost involved. There are many ways the a home can be improved on and it is good to keep the home up to the current market value for the time that you would want to resell it.

This loan is the ideal solution to pay for a child's college or university tuition fees or you may want to buy them a car to enable them to transport themselves to the campus. You could possibly have an unexpected medical bill that has to be paid or you need to give your family a holiday which is long overdue. You may want to consolidate your debts and pay them off. This loan will be ideal to pay off the debts and then you would only have one monthly payment to worry about instead of all the debts. There are numerous reasons why you would want to borrow the equity of your home.

The equity is the difference between what is owed on your home and the value of your home. Home owners are permitted to borrow this equity for their own use whenever they require cash. Home equity loans are very popular and are frequently taken whenever the need arises. Banks have you no problem giving them the loans as they are secured against the home and this minimises the risk of them losing money if you defaulted in your payments.

It is always a wise decision to first check out a few things before you decide to take this loan. There are so many money lenders, banks and private agencies that all want your business. Loans are big business to these agencies and banks and the borrower has to safeguard himself by being vigilant and checking out all his options. Make sure that you check the credentials of the loaning institution or agency if you do not want to loan from a bank. Compare all their interest rates, loan fees, monthly payments and duration of the loan. If there is any fine print, make sure that you understand what is meant by it. If not, ask questions. When you are totally satisfied you can decide where you will take your business. Remember that this loan is secured against your home and you do not want to risk losing it to a lender.

Top 5 Home Mortgage Refinance Tips

All of us want to save money. I don't think I can name one person that I know of that is happy to spend more money than they have to, either on their personal bills or their mortgage. There has been so much talk in the market today because home sales have slowed so much about refinancing your home mortgage. This can either be a good thing or a bad thing depending on your own personal circumstances. Here are some tips to help you to know if you should refinance your home mortgage and how to know that you are getting the best rate.

1. Points or no Points - When it comes to lowering your rates you will need to weight the benefits of having a lower rate vs. paying points up front. You may end up paying a lot more depending on your choice and how long you plan on keeping your mortgage.

2. Sneaky Interest Games - Don't fall for the 0% apr unless it fits in with your master plan. A lot of brokers will try to get you locked into a low interest rate that will balloon on you in a couple of years and leave you out on the street.

3. Hidden Fees will Hurt You - If your new mortgage rate seems too good to be true then it probably is. Check for hidden fees in your mortgage that will make up that suspicious difference.

4. Have Faith - You have a legal right to a good faith estimate. Get a copy of this document and go over it with a fine tooth comb, it will reveal where there is a real problem.

5. Start the Clock - Weigh the costs carefully of how long you will be staying in your home vs. how much of a savings you will be getting in a refinance. Make sure you include closing costs in your decision.