Home Refinance – Partners Real Estate Professionals, PC
Is “Now” a Good Time to Refinance My Home?
Great information shared by our friends at UnionHome Mortgage
Knowing when to refinance your home isn’t an exact science. Instead, there are a number of additional questions you will want to consider before making a decision:
- How long do you plan to stay in your home?
- How much lower is the new interest rate?
- Will you be able to switch from a variable to a fixed-interest rate?
- Will you be able to shorten the repayment terms of the loan?
- What will your closing costs be?
- How much equity do you have in your home?
- Are you planning to take cash out when you refinance?
Your answers to these questions can help you decide if refinancing your home makes sense for your needs.
In many cases, a number of these variables work together to tip the scale in one direction or the other. For example, if you plan to stay in your home for a long time and are worried about what will happen to your variable rate mortgage in the years ahead, refinancing to a lower, fixed-interest rate can provide significant peace of mind for you and your family.
Ultimately, you will need to decide if the long-term benefits of refinancing outweigh the short-term costs. At a minimum, you will want to consider how long it will take you to recoup the closing costs associated with refinancing, combined with the amount you will save each month due to lower mortgage payments. Have Questions? Talk with a Qualified Loan Specialist Today!
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