Refinancing a mortgage—it’s something that not everyone considers or does, but for many people, it’s a great option.
How can you know whether it’s right for you to …and whether now’s a good time to move ahead?
Our team at Journey Home Lending wants to help you know when it makes sense to refinance your home mortgage loan. Read on as we offer some perspective.
There are many reasons behind refinancing your current mortgage. For starters, if interest rates have gone down, you might want to consider refinancing to take advantage of the improved interest rate. This idea should especially be considered if your credit score is higher than it was when you first applied for a home loan.
Second, if you are looking to pay off debt faster or need extra cash to put toward your child’s college fund, lowering your monthly mortgage payment by refinancing your home loan can help you get the cash you need quickly. You’ll want to be thoughtful when doing this to ensure the terms of the loan remain favorable to your family both in the short-term and in the long-term.
Finally, if your current mortgage is an adjustable-rate mortgage, refinancing and moving to a fixed-rate mortgage can help you to save money in the long run on interest on your home loan. By moving to a fixed-rate mortgage, you can ensure your interest rate will not fluctuate over the length of your loan.
After discussing the whys of refinancing, a homeowner must then come to terms of when the refinancing should take place. Take a look at current interest rates available for mortgages to determine whether now is a favorable time to make the move.
Ideally, you need to make sure you can lower your interest rate by 1% or more before you refinance. You’ll also want to consider the costs of refinancing, along with any pertinent fees before making your final decision.
Are you thinking about refinancing your mortgage? Contact Journey Home Lending to learn how we can assist you!
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