Refinancing Tip
Is refinancing worth it ? – You may save money in refinancing, but it doesn’t always make good financial sense. Comparing the savings in lowering your rate against the fees you’ll have to pay, helps you figure out if it’s worth it. Although lower rates can be available, the fees may not justify the decision. However, if you can lower your rate with little or no fees, it’s almost comparable to a “No Brainer”.
How long do you plan to stay in your house ? – That’s always a good question to ask yourself as well as what you think about the future course of mortgage rates. “Experts” can’t predict future interest rates any better than you.
Adjustable Rate -vs- Fixed Rate – If you have an adjustable rate mortgage (ARM) and want a fixed-rate loan because of a fear of rising rates, you may want to consider converting to an ARM with a lower interest rate with better payment caps. However, a fixed-rate loan may be what you need. Call me so I can help you with this decision.
Need the cash? – If you want to draw on the equity you’ve built up to get cash for a major purchase, to purchase an additional home (rental income or a vacation home), for your children’s education, or to pay off high interest credit cards, then call me (916-526-2888) so I can assist you in determining if refinancing is worth the costs. I am here to help you get the right loan for you.
The information contained in this refinancing tip is intended to help you ask the right questions when considering refinancing your loan. It is not a replacement for professional advice. Please call me (916-526-2888) or talk to a real estate agent, an attorney, and other advisor about lending practices, mortgage instruments, and your own interests before you commit to any specific loan.
