Monday, January 27, 2014

Refinancing Your Mortgage - Insights and Help

So I been asked about a certain offer we have in our business and I wanted to touch base about it cause I feel some people don't understand there options. So I was asked about Mortgage Refinancing and I wanted to touch a little bit about it. Sorry if it isn't anything PPC or SEO related.

Mortgage Refinancing

You should always put lots of thought into making a large financial decision like refinancing your mortgage. Even though it may seem like you could get a lower rate, lower your payments or even cash out some of your saved funds, refinancing can often involve other costs as well, including additional closing costs to secure your new refinanced loan.

Ideally, if you plan to refinance, you should pick the best time and do it only once. While you aren't going to be able to predict the future, keeping an eye on the market for good pricing trends and great rates can help you pick a time when it would be the most beneficial to you.

Some homeowners choose to refinance their mortgages because they'd like to get our of debt, move into an adjustable-rate mortgage, or release equitable funds in order to purchase additional properties or mortgages.
Before you decide if refinancing is right for you, try to sit down and define what your goals are going to be. You should make a list of all of the things you hope to accomplish by refinancing your home and remember, refinancing doesn't make any of your debt go away, however it can help you reorganize it. Often times, this can be a nice break or change from the same routine when it comes to your finances, giving you the opportunity to make any changes to your accounts, since changes in your lifestyle are frequent.

Another great reason to refinance would be if you're seeking to consolidate multiple smaller debts. If you have more than one mortgage or equity loans, consider putting the two payments into one fixed-rate payment. Then you can level out your payments during the time of your loan, without putting yourself into a hardship type situation.

For those who are considering refinancing their mortgages, oftentimes the question is not why, but when. If you're currently paying more for your home than it's worth it may be possible to refinance your home loans using the Home Affordable Refinance Program (HARP). Other types of re-financing involve cash-out plans or 'vanilla' refinancing. For any type of refinancing program, you'll also want to be sure that you put your credit history and score in order, this way you can apply for lower rates and better terms.

Refinancing your home loan or multiple mortgages can help you save more money, but it's also necessary to keep from paying into costs which will eat it. Understand that you will always pay the closing costs for a mortgage, no matter what they call them, (origination points, higher interest or higher overall loan amounts) so don't be suckered into thinking you've found a mortgage with no closing costs. Other expenses can involve private insurance or similar lenders fees.

If you have any questions about refinancing your mortgage or you'd like to speak with a professional financial adviser about your options, please don't hesitate to contact one of my good friends at Mortgage Matchers. Interest rates are currently lower than they have been in years, slowly becoming stable again after years of uncertainty in the housing market. Don't miss this opportunity to refinance your own home loan.  


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