Transform your finances with genius mortgage my home tips

Calculating the True Cost and Savings

Before proceeding with refinancing or tapping into home equity, it’s crucial to calculate the potential costs and savings. Consider factors such as closing costs, appraisal fees, and any prepayment penalties on your existing mortgage. These expenses can sometimes offset the savings from a lower interest rate, so it's important to perform a thorough cost-benefit analysis. Tools like mortgage calculators are essential for estimating your new monthly payments and overall savings³.