Weighing the Options of Refinancing

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It has been said that only in the case your new interest is at least two points under your current rate, should you refinance your loan. Perhaps several years ago that was good advice, but as refinance costs have been falling recently, it may be time to take a serious look. A refinance can be worth its cost several times over, factoring in the benefits that can come, as well as a lower interest rate.


When you refinance, you may have the ability to reduce your interest rate and monthly mortgage payment , sometimes significantly. You may also be able to "cash out" some of the built-up equity in your residence, which you may use to consolidate debt, add on to your home, or finance a vacation. You might have the option to refinance to a shorter-term mortgage loan, giving you the ability to add to your equity quicker.

The Cost

As you probably expect, you'll have to pay for your the refinance process. You'll have the same types of fees as with your existing mortgage loan. Among these might be settlement costs, an appraisal, lender's title insurance, underwriting fees, and others.

Do the Math

You might offer to pay discount points (prepaid interest) to attain a lower rate of interest. Your savings on the life of the mortgage may be substantial if you've paid up front about 3% of the new loan balance. We recommend that you consult a tax professional before acting on hear-say that these paid points may be deducted on your taxes.

Another thing about taxes is that once your interest rate is lowered, naturally you'll also be lowering the interest amount that you may deduct from your taxes. This is another cost that some borrowers take into account. We can help you do the math! Call us at (407) 898-7559.

Most people find that the savings each month outweigh the up-front expenses of a refinance. We will help you figure out what program is perfect for you, looking at your cash on hand, the likelihood of selling your residence in the near future, and the effect refinancing may have on your taxes. Call us at (407) 898-7559 to get started.

Want to know more about refinancing your home? Call us: (407) 898-7559.

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