The word Refinance is basically a bit confusing for many people. Whenever a person refinances his mortgage, he is actually replacing his current mortgage with a new loan. It can be with a different lender from the one he dealt with initially to purchase his home or other things. In other words, mortgage financing pays off the current mortgage loan with the new one which has better terms that improves the financial situation. Without proper strategies, tracking mortgage refinancing becomes a tough task and it will take much time. But with the help of the Mortgage Refinancing Spreadsheet Template, you can easily manage and track all the principles of the current and new mortgages.
Advantages and Disadvantages of Refinancing a Mortgage
The benefits and disadvantages are listed below of using refinancing mortgage strategies.
Advantages:
- Using this strategy, you can lower your interest rate
- It helps you to lower your mortgage payment and provides room for your monthly budget
- You can decrease the term of your loan
- It helps to change from an adjustable rate to fixed-rate debt
- You can cancel private debt insurance
Disadvantages:
- Using this strategy, you will face pay closing costs
- It affects the longer loan terms
- The credit score you have will temporarily take a hit
- Less equity for your home
Free Mortgage Refinancing Spreadsheet Template
Try this Mortgage Refinancing Template to track your current and new loan history using MS Excel file format. This template enables the users to manage the loans, balance, payment schedule, extra payment, interest rates, and more factors on a single spreadsheet. Moreover, the given line chart on the top will also be updated along with the values of different factors. So feel free to download this spreadsheet now.
Please click on this download button to quickly grab this Mortgage Refinancing Template.
