PK{"id":161,"date":"2024-09-21T00:34:18","date_gmt":"2024-09-21T00:34:18","guid":{"rendered":"https:\/\/simplyhousehold.com\/?p=161"},"modified":"2024-09-21T00:34:18","modified_gmt":"2024-09-21T00:34:18","slug":"common-pitfalls-to-avoid-when-refinancing-your-home-loan","status":"publish","type":"post","link":"https:\/\/simplyhousehold.com\/common-pitfalls-to-avoid-when-refinancing-your-home-loan\/","title":{"rendered":"Common Pitfalls to Avoid When Refinancing Your Home Loan"},"content":{"rendered":"<p>Refinancing your home loan can offer great financial benefits, but there are several pitfalls to avoid to ensure it\u2019s a wise decision.<\/p>\n<h4><strong>Pitfalls:<\/strong><\/h4>\n<ul>\n<li><strong>Overlooking Closing Costs:<\/strong> Refinancing involves closing costs, which can range from 2% to 5% of your loan. If you don\u2019t plan to stay in the home long enough to recoup these costs, refinancing might not make sense.<\/li>\n<li><strong>Resetting the Loan Term:<\/strong> While lower payments sound appealing, refinancing into a new 30-year mortgage resets the clock on your loan. This means you could end up paying more interest over time, even if your monthly payments are lower.<\/li>\n<li><strong>Ignoring Your Credit Score:<\/strong> Your credit score significantly affects the interest rates available to you. Refinancing with a low score can result in a higher rate and negate the potential savings.<\/li>\n<li><strong>Not Shopping Around:<\/strong> Lenders offer different terms and rates, so failing to compare multiple offers could mean missing out on the best deal.<\/li>\n<\/ul>\n<p>To make refinancing worthwhile, carefully consider how long you plan to stay in your home, evaluate closing costs, and research different lenders to get the best rates.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Refinancing your home loan can offer great financial benefits, but there are several pitfalls to avoid to ensure it\u2019s a wise decision. Pitfalls: Overlooking Closing Costs: Refinancing involves closing costs, which can range from 2% to 5% of your loan. If you don\u2019t plan to stay in the home long enough to recoup these costs, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":162,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-refinance"],"_links":{"self":[{"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/posts\/161"}],"collection":[{"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/comments?post=161"}],"version-history":[{"count":1,"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/posts\/161\/revisions"}],"predecessor-version":[{"id":163,"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/posts\/161\/revisions\/163"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/media\/162"}],"wp:attachment":[{"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/media?parent=161"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/categories?post=161"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/simplyhousehold.com\/wp-json\/wp\/v2\/tags?post=161"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}