This is the amount of money that you borrowed for your current loan. For instance, if you bought a $300000 house and made a $60000 down payment, then your original loan amount would be $240000 plus any applicable fees.
This is the interest rate that you are paying on your current loan.
This is the amount of time it would take to pay off your current loan. 30 year mortgages are the most common type.
This is the year in which you received your current loan. In general, the more recently you received your current loan, the more that you can potentially save by refinancing.
This is the amount of money that you want to borrow for your new loan. The base amount should be equal to the amount you still owe on your current loan, but might be slightly higher or lower depending on the choices you make at closing.
This is the interest rate that you expect to pay for your new loan. In most cases, this will need to be lower than your current interest rate to make refinancing cost effective.
This is the amount of time it will take to pay off your new loan. Longer terms will result in a lower monthly payment, but shorter terms are more cost effective.
This is the amount of money in fees that your lender will charge in order to refinance your loan.
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This is the amount of extra money that you want to borrow. By borrowing extra, you can receive this money as an immediate payment but borrowing extra will increase your monthly payment and decrease your lifetime savings.
Roll Fees into New Loan
Rolling your fees into your new loan will mean that you do not need to pay any money up front, but a higher loan balance will result in lower monthly savings and lifetime savings compared to paying the fees up front.