Is consolidating student loans a good idea

One reason is if you don't plan to be in your home for long.Because of the additional fees mentioned above, staying in your home may be the cheaper alternative.The interest rate is the cost of borrowing the amount of your loan while APR includes the rates and other costs, including fees, discount points and, occasionally, closing costs.Keep in mind that you can purchase discount points to lower your interest rate.Wells Fargo also has a straightforward application process and good customer service.Before you go to a mortgage lender, you want to have a few things in order and understand the factors that affect the loan amount you receive and determine your interest rate.Keep in mind that when you refinance, you are essentially taking out a new mortgage, so you will likely be paying a new origination fee, closing costs and other fees.

Making a down payment is good, if you can afford one, especially to keep your interest rate and monthly payments low.

Fixed-Rate Mortgage: As its name suggests, a fixed-rate mortgage comes with a set interest rate over the life of the loan, which is typically 15 or 30 years for a first mortgage.

The most attractive feature of a fixed-rate mortgage is you can predict what your payments will be.

One of the most popular reasons to refinance your mortgage is to take advantage of current market rates that are lower than the rate you received when you took out your mortgage. If you have a first and second mortgage, you may be eligible to consolidate them so you make just a single monthly payment.

Refinancing may also be an option after a marriage or divorce to change names on the mortgage and deed.

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