Things To Think About

Find Out the Facts First
If you are thinking about refinancing, but aren’t sure whether it will really save you money, it may well be worth a visit to your mortgage professional who can help you calculate how much your new monthly payments will be, as well as the cost of refinancing.
Going Through the Process
When refinancing your home, lenders will need many of the same documents you supplied for your first closing. A new credit check, appraisal, title search and insurance are usually required. Depending on the rate and loan program you select, you may also be charged loan origination fees and, perhaps, points.
Rate Reduction
Generally, if your closing expenses can be recovered within the first 30 months of the new loan, refinancing is probably a good idea.
Mortgage Consolidation
If you are carrying a first and second mortgage on your home, and want to combine the two loans into one favorable rate, refinancing might be for you.
Loan Term Reduction
There are several advantages to reducing the term of your existing loan. Although you may experience slightly higher monthly payments, a loan term reduction often translates into a significant reduction in interest costs, as well as a more rapid build-up of equity.
Balloon Payment Due
If you have a balloon mortgage with a lump sum payment due in the near future, consider refinancing if you are comfortable with the current rate environment. Contact us to find which option is best for you!