Time To Refinance?

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Real Estate

Time To Refinance?

Common reasons to refinance include: lowering interest rate, reducing length of mortgage, making home improvements, converting to an ARM, escaping a balloon provision with no conversion option, and/or consolidating debt.

Calculate the savings by looking at your current monthly payment, original cost of the home, itemized refinancing costs, monthly payment after the refinance, how long you plan to live in the house after the refinance, amount owed on the house, and break-even point (cost of the refinance divided by monthly payment savings).

Plan carefully when you refinance: Close your credit card accounts after consolidating debt. Make home improvements right away. Leave some equity in place for your security.

Make sense?

As always, I am just a text, call or an email away if you would like to explore your options further. I am honored to continue to be your trusted real estate resource and can put you in contact with a trusted lender should you decide to take it a step further.