Louisville Kentucky mortgage refinancing is when you change your mortgage to a new mortgage with a lower interest rate and possibly a different term length. The majority of people usually do this when interest rates drop by about 1%. This also gives people with an adjustable interest rate the opportunity to get a fixed rate mortgage.

Locking into a fixed rate mortgage with a set term length when you have, at present, an adjustable rate mortgage is a wise decision. This is true even more so when rates are beginning to rise. It will also lower your monthly payments. It is recommended that you only use this option when you are planning to stay in your home for the next few years.

You should ask your lender about the amortization schedule when you are considering KY refinancing. Your amortization tells you how many years you still have left to pay on your mortgage. If your original mortgage was a 30-year loan and you have been paying on it for 15 years, you do not want to start over again at year one. You want to make sure that you still have those 15 years left to pay off your home.

If you are planning on staying in your current home, for 3 years or more, you could save thousands of dollars by refinancing your original Louisville KY purchase mortgage, when interest rates drop.  Shortening the term from 30 to 20 or even 15 years will save you even more money. Talk to your lender or a refinancing professional to discuss your options and discuss what is best for you.

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