One of the most important considerations for homeowners is to select the appropriate mortgage package to work with. Let’s first start with how a mortgage works. When you make a payment to your bank (assuming you are taking a bank loan), some percentage of that payment will go towards the principal and some towards the interest. The lesser you pay for your interest the better it will be for you because it will mean a higher allocation that goes towards paying off the principal. This goes in cycle because your loans are being amortized throughout the lending period so the lower your balance is over time the lesser you will be paying the interest accrued and the faster your loan will end. Here’s an example of how an amortization of $30,000 is over a 60-months period. Mortgage refinancing is not always an obvious choice to many homeowners because there are several cons to consider....