Refinancing Your Mortgage
Refinancing is when you take out a new mortgage loan with a new term and interest rate to replace your current mortgage loan. Refinancing your home loan to a lower interest rate leads to a potential savings of hundreds of dollars a year. Let us help you assess your situation and determine if refinancing is a smart move to help you save at this time.
Ever considered refinancing your home?
Get the information you need to make the right refinancing decisions. Learn more about refinancing your current home loan: When to Refinance
Lower Your Payment
Our specialty is helping our clients lower their monthly mortgage payments through refinancing at a lower interest rate than their current home loan. When you refinance at a lower interest rate, your monthly mortgage payment will decrease, leaving you with more money.
To prevent your mortgage payments from rising, you can either refinance to a fixed rate mortgage or adjustable-rate mortgage (ARM).
To determine which option is best for you depends on how long you plan to stay in your home.
you plan on staying in your home for a long time, it’s best to refinance to a fixed-rate mortgage to prevent your payment from rising, and will remain stable for the remainder of the loan’s term.
If you plan on staying in your home for a short time, you may want to consider refinancing to another adjustable-rate mortgage ARM. You can stop your current mortgage payments from increasing, while taking advantage of an even lower interest rate on your new home loan.
When to Refinance
When you refinance your mortgage, you are replacing your current home loan with a new, lower interest loan. Homeowners decide to refinance their mortgage for various reasons – to take advantage of lower interest rates, to consolidate high-interest debt and/or attain cash from the accrued equity in their home.
The decision whether or not to refinance depends on several factors, including:
The type of loan you have– If you have an Adjustable Mortgage Rate (ARM) that is about to adjust to a variable rate, you might want to get a fixed rate loan to keep your mortgage payments from rising.
The costs associated with obtaining a new mortgage– There are closing costs and fees associated with refinancing your mortgage, including:
- Charges such as application, title search, appraisal, closing costs, title or escrow fees
- Loan origination points or discount points to further reduce the interest rate. These can be tax deductible – consult with a tax advisor before you decide to use this option.
- Some mortgages have potential penalty fees for early payment of your current loan.
Mark Meader with Cross Country Mortgage | 4505 White Bear Parkway, Suite 1300 | White Bear Lake, MN 55110 | Phone: 651-653-7667 | Fax: 651-689-0641 | Mark@markmeader.com | License 47763
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