Deciding when to refinance your mortgage loan

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Deciding when to refinance your mortgage loan

Refinancing can be a good option, but it isn’t always wise. Constantly refinancing in order to get a lower interest rate can actually rack up your budget with closing costs. There are two main purposes for deciding to refinance. One reason is to reduce the interest cost and to extend the term of the loan. The second reason is to consolidate your mortgage and home equity loan.

Rates fluctuate with the economy

If you’re going to refinance, it’s best to only do it once. Of course, this takes a careful eye for good timing as you don’t know how high or low interest rates might go. For instance, last November, the rate for a 30-year fixed mortgage reached a historic low of 3.31%. It’s already gone back up, however, to 3.63%. Rates are highly dependent on the strength of the economy and housing market. Fox business suggests you enroll in Bankrate’s weekly Rate Trend Index and Mortgage Analysis to receive a weekly email of interest rate trends.

Only refinance if you plan on staying a while

Refinancing will only make sense if you plan on living in your home for quite a while. This is because in 2012, Bankrate estimates "the national average for closing costs on a $200,000 loan was $3,754. The fees in the survey don’t include taxes, insurance, or prepaid items such a s prorated interest or homeowner association dues."

To know whether it’s worth your while to refinance, you’ll want to figure out your current loan terms and interest rate, your credit score, and whether your loan agreement includes a prepayment fee. You’ll also want to take into account the idea that if you get a lower rate but extend your loan, you’ll still end up paying more interest in the long run.

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Source: http://www.foxbusiness.com/personal-finance/2013/03/07/when-should-refinance-your-mortgage-loan/

https://www.chicagotribune.com/business/breaking/chi-mortgage-rates-rise-to-7month-high-20130314 0 2868409.story

Also in EZ Snap Covers Blog

Mistakes To Avoid When Installing Baseboard Heater Covers

Baseboard heater covers are a great addition to your heaters, but installing them correctly is crucial. Here are mistakes to avoid when installing baseboard covers.

The Purpose of Baseboard Heater Cover Brackets

Brackets play an essential role in the installation and stability of baseboard heater covers. We’ll discuss the purpose of baseboard heater cover brackets here.

What To Look for When Buying Baseboard Heater Covers

When looking to buy covers for baseboard heaters, you should know how they function, which materials to select, their benefits, and the mistakes to avoid.

How to measure baseboard heaters:

Step 1
HOW TO MEASURE

Always measure left to right, and twice for accuracy

Floor to top of Fintube | EZ Snap™ Baseboard Heater Covers

Step 1: Floor to top of Wall plate

Measure the height from the floor to the top of the metal wall plate.

Follow our guide for baseboard heater cover measurement:

Any baseboard larger than 7 3/8" (188 mm) will be compatible with our standard cover.

Any measurement greater than 9 3/8" (238 mm) will fit our tall cover.

Fin Tube Height | EZ Snap™ Baseboard Heater Covers

Step 2: Bottom of Fintube to Top of Wall Plate

Measure from the bottom of the finned tube heating element to the top of the metal wall plate,

A measurement of 5 1/2" to 6 3/4" (140 mm – 172 mm) will fit our standard cover.

A measurement of 7 1/2" to 8 3/4" (191 mm – 222 mm) will fit our tall cover.

Depth | Measure | EZ Snap™ Baseboard Heater Cover

Step 3: Back Wall to Front of Fintube

Measure the distance from the wall or the metal wall plate attached to the wall, to the outside of the finned tube heating element.

Any measurement of less than 3 1/8" (76 mm) inches from the wall will fit our

standard cover.

Any measurement of less than 3 1/8" (76 mm) inches from the wall will fit our tall cover.

Step 2
DETERMINE IF BRACKETS ARE NECESSARY

Always measure left to right, and twice for accuracy

Wall Widget

EZ Snap™ Wall Widgets are used when your old or existing wall back plate has been removed or if you have to hang your new cover 1 inch or higher to bring them up to a height that will fit our installation guidelines. Just measure your overall desired height, subtract 1", drill a hole, preferably in a stud and attach it to the wall with the included screw.

Floor Fidgets

EZ Snap™ Floor Fidgets easily raise your new covers ¾ inch to compensate for any ¾ inch floor (wood, tile, or other) that has been installed any time since your baseboard heater was originally installed. May be used for any reason when the overall height has been shortened and the total height is less than 7-½ inches for standard height or 9-½ inches for the TALL height EZ Snap™ BaseBoard Covers. Just use the self-tapping screws to secure them to the top of your existing wallplate.

Wall Contraptions

EZ Snap™ Wall Contraptions are used when your wall back plate has been completely removed. EZ Snap™ Wall Contraptions receives your EZ Snap™ BaseBoard Cover and keeps your aluminum fin tube from sagging. These completely replace your wall back plate. To install, slide up from the bottom and make sure the top is at your desired height. Screw to the wall, then bend the front finger up to hold the fin tube in place.

Step 3

HOW TO MEASURE LENGTH

Based on how your heater is configured,

choose an option below to expand and view

specific hot water baseboard heater measurement templates.

[+] Option 1: Straight Heater Configuration

[+] Option 2: L-Shape and U-Shape Configuration

[+] Option 3: 45 Degrees, Z-Shape Configuration

Congratulations!

Now that you’ve learned how to measure baseboard heaters,

you’re ready to order.

READY TO START
YOUR ORDER NOW?