Weighing the Options of Refinancing

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Some have said that only if your new interest is at least 2 points under your current rate, should you refinance your mortgage. Maybe that was good advice a number of years ago, but since refinance costs have been falling recently, it could be time to look into it. Refinancing your mortgage has a variety of advantages that will often make it worth the up-front cost many times over.


When you refinance, you may be able to reduce the interest rate and monthly mortgage payment , perhaps considerably. You may also have the option to "cash out" a portion of the built-up equity in your residence, that you will be able use to consolidate debts, add on to your home, or take a vacation. With lower interest rates, you may also be able to build your home equity more quickly by moving to a shorter term mortgage loan.

Fees and Expenses

As you probably know, you will have some fees and expenses during your process of refinancing. When you refinance, you are paying for basically the same things you paid for when you obtained your existing mortgage loan. Included in your costs might be an appraisal, underwriting fees, lender's title insurance, settlement costs, and other expenses.

Do the Math

You might offer to pay discount points (prepaid interest) to gain a more favorable interest rate. If you pay (on average) 3% of the loan amount initially, the savings for the life of the new mortgage can be significant. You may hear that the points may be deducted on your income taxes, but because tax regulations are difficult to keep up with, we urge you to speak with your tax professional before making any decisions based on this.

One more cost that borrowers may consider is that a lower interest rate will lower the interest amount you will be able to deduct from your taxes. We can help you do the math! Call us at 4058873713.

Most people find that the monthly savings quickly balance out the initial cost of refinancing. We can help you find out what your options are, considering the effect a refinance may have on your taxes, how likely you might be to sell in the next couple of years, and your money on hand. Call us at 4058873713 to get started.

Curious about refinancing your home? Call us: 4058873713.

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