Mortgage Refinancing Resources
Mortgage Interest Rates have Dropped! Refinance Now to save XXXX.XX amount of dollars!
Sure you have seen this message a million times whether it be on TV or on the internet, or through the mail.
Does it mean jump on the bandwagon and refinance now? Of course not. There are many things to consider when refinancing a home.
The internet provides calculators to help you decide if refinancing is for you at this time. It is not always the best option
financially. Some things you should consider before mortgage refinancing:
The Interest Rate You Are Paying: Consider the interest rate you are now paying before refinancing. Compare it against the current interest rate to see how much you would save by mortgage refinancing. Use our free mortgage calculator to determine your new monthly payments.
The Current Interest Rate: Check the current interest rate. To get the benefits of a lower rate, you may have to pay fees associated with the loan, unless your lender is doing a no fee loan.
How Long You Will Live in Your Home: The median length of stay in a home is 8.2 years. However, you may have a better idea of how long you will be in your home. If you do not plan on owning your home for much longer,
the lower payments associated with the refinancing may not cover the mortgage refinancing fees.
If you plan on staying in your home for a long period of time, refinancing could be an excellent way to reduce your monthly payments.
Also, if you are planning on moving into a new home while retaining the old home as a rental property, refinancing is a solid plan.
You can lower your monthly mortgage payment and in turn, increase your rental income.
Debt Consolidation: If you have several outstanding bills, you may want to consider mortgage refinancing your home and in turn, consolidating and paying off your other debts. If you have equity in your home, you may be able to access that equity through a "cash out" refinance. You could choose to apply that equity to a debt consolidation plan, a new car or home improvements.
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