Refinancing Without Raisng Your Loan Balance

Refinancing Without Raisng Your Loan Balance

With the rates as low as they are today, refinancing can save you lots of money without adding a bunch of money to your balance!
I refinanced my personal home and a rental home this way, and I am now saving over $700.00  a month and it only cost me around $4,000.00 total out of my pocket! After 6 months it will be ALL savings!!
I knew I was going to have to establish a new escrow account when I refinanced, and I knew I would be getting a check back after closing for the escrow accounts that were already in place, so I used the money I had in my savings to pay the fees involved in the refinance up front, and after closing I put the escrow checks I recieved back in my savings. I also got to skip a mortgage payment on each property and I applied that  money to the fees too.
All said and done, my loan balance stayed the same and the money I did spend was well worth it!


Cyndi Cobb Headshot
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Phone: 512-564-0381
Dated: June 10th 2013
Views: 1,246
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