Home Care Library
Evaluate refinancing your mortgage
NOTE: The tasks and timings shown here for your Mortgage Rates are based on a single-family home (owned), located in Massachusetts, United States, with priority set at ‘1 star' or higher, for all possible goals.
If you set your personalization differently in your Home Wizard app, then you may get reminders for different tasks and timings in your recommended home care program for your Mortgage Rates.
To evaluate re-financing your mortgage, start by examining your current mortgage document. Look particularly for:
- the amount mortgaged
- interest rate
- rate adjustment features
- any penalties for early pay-off of your mortgage
- the length of the term of the mortgage
Next, look at your payment statements to see how much remaining principle you still owe.
Then contact various financial institutions and request quotes for re-financing your mortgage. If rates have dropped sufficiently, you may find that your mortgage payment could go down, and more than off-set the transaction cost of the re-financing (e.g. the "closing costs").
Saving Money (beyond energy)
The benefits of this task are are potentially high, depending on how much the market for mortgage rates have dropped since you set up your current mortgage.
The cost of this task is moderately low, from an investment of time standpoint. It is estimated that this task should take about 1-2 hours to complete the necessary research.