Weighing the Options of Refinancing


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Ever heard the pearl of wisdom that says you should only refinance if the new interest rate is at least two points below your present rate? That could have been valid years ago, but with refinancing dropping in cost over the last few years, it is never the wrong time to explore the options of a new loan! Refinancing has some advantages that often make it worth the initial expenditure several times over.

Benefits from Refinancing

You could be able to lower your interest rate (sometimes by a lot) and make smaller mortgage payments with a refinanced loan. You also could have the option of pulling out some of the equity in your house by "cashing out" some funds to renovate your home, consolidate debt, or plan a special vacation. You may be able to refinance into a shorter-term mortgage program, giving you the ability to build your home equity quicker.

Fees and Expenses

As you probably expect, you'll have to pay for your the refinance process. You'll pay the same kinds of expenses and fees as you did with your current mortgage loan. These may include settlement costs, an appraisal, lender's title insurance, underwriting fees, and so on.

Doing the Math

Paying discount points can get you a lower interest rate. If you pay (on average) 3% of the mortgage loan amount at the start, the savings for the life of the refinanced loan can be great. We recommend that you consult a tax professional before acting on rumors that these paid points can be deducted on your taxes.

Another thing about taxes is that if you bring down your interest rate, naturally you will also be lowering the interest amount that you can deduct on your taxes. This is another expense that some borrowers take into consideration. Call us at 2817780805 to help you do the math.

Most people find that the savings each month balance out the up-front cost of a refinance. We can help you figure out your options, considering the effect a refinance may have on your taxes, how likely you might be to sell in the near future, and your cash on hand. Call us at 2817780805 to get started.

Want to know more about refinancing your home? Call us at 2817780805.

1st Credential Mortgage Inc. Residential Morgage loan Orignator Juan Craig
Corporate Office 300 Broadway Street, Vallejo Ca. 94590
Texas Branch Office 8615 Bloomfield Turn Missouri City Tx. 77459
Co. NMLS Lic # 285286, Broker NMLS # 299061.

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