Weighing the Options of Refinancing

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Some have said that only if your new interest is at least 2 points lower, should you refinance your mortgage. Perhaps that was good advice a number of years ago, but since refinance costs have been getting lower, it may be a good time to look into it. Refinancing has various advantages that often make it worth the initial cost a few times over.


You could be able to bring down your interest rate (sometimes by a lot) and reduce your monthly payment amount with your refinanced mortgage loan. You might also be able to "cash out" a portion of your home equity, which you are able use to consolidate debt, add on to your home, or finance a vacation. With reduced interest rates, you might also be able to build your home equity more quickly by moving to a shorter-term mortgage.

The Cost

As you probably know, you'll have to pay for your process of refinancing. With your refinance, you're paying for a lot of the same things you were charged for during your original mortgage. These may include settlement costs, appraisal fees, lender's title insurance, underwriting expenses, and so on.

Do the Math

Paying points can result in a lower interest rate. Your savings on the life of the mortgage could be significant if you've paid up front about three percent of the new loan total. Please consult with a tax professional before acting on advice that any points paid can be deducted on your federal income taxes.

One more expense that a borrower may take into account is that a lower rate of interest will lower the interest amount you'll deduct from your taxes. We can help you do the math! Call us at 2603382561.

Most borrowers find that the savings each month quickly balance out the initial cost of a refinance. We will help you determine what program is the right fit for you, considering your cash on hand, how likely you are to sell your house in the near future, and the effect refinancing may have on your taxes. Call us at 2603382561 to get started.

Curious about refinancing your home? Call us: 2603382561.

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