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Should I refinance? the science of benefit to borrower
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In today’s economy, Americans are looking very carefully at debt. For most, the home mortgage is the biggest financing commitment we will ever make and has the most effect over our lifestyle. In the first part of this year, many of us "stimulated the economy" when we refinanced into historically low rates under 5%.
When considering refinancing your mortgage, many factors play into the decision: mortgage product, loan term, and how to pay for the title and lender fees. In a recently released publication by the Mortgage Bankers Association of America’s (MBA) Research Institute for Housing America: A Financial Analysis of Consumer Financial Decisions, leading experts on mortgage analytics Andrew J. Kalotay and Qi Fu review these choices and the "...importance of a homeowner’s planned ownership horizon in determining the appropriate mortgage refinance choices".
