Ever heard the old rule of thumb that says you should only consider refinancing if the new interest rate will be at least one point below your present one? That may have been valid years ago, but with refinancing dropping in cost over the last few years, it's a good time to think about a new mortgage loan! A refinance can be worth its cost many times over, factoring in the advantages that may come, as well as a reduced interest rate.
You may be able to bring down your interest rate (sometimes substantially) and reduce your mortgage payment amount with a new mortgage. You may also have the option to "cash out" some of your equity, which you can use to take care of higher interest debts, make home improvements, or take a vacation. You might be able to refinance to a shorter-term mortgage, giving you the ability to build up your equity faster.
All these benefits do cost something, though. When you refinance, you are paying for many of the same things you paid for during your current mortgage loan. Included in the list will typically be an appraisal, underwriting fees, lender's title insurance, settlement costs, and other fees.
You might look into paying discount points to receive a lower interest rate. The money you'll save over the life of the mortgage might be substantial and any paid points can be deducted on your taxes. Please talk to a tax professional before acting.
Speaking of taxes, if your interest rate is reduced you will also be lowering the paid interest amount that you can deduct from your federal income taxes.. Call us at 678-467-2330 to help you do the math.
In the end, for most borrowers the total of up-front costs to refinance are quickly recouped in monthly savings. ll work with you to find out which mortgage program is perfect for you, looking at your cash on hand, the likelihood of selling your home in the next few years, and how refinancing will impact your taxes.
BLUES AND GREENS
REFINANCE BLUES- adj- The feeling you have when you know you need to refinance, but you are dreading the cost and the process involved.
REFINANCE GREENS - adj - The color of your wallet and your friend's faces when they know you are done with your home refinance.
This year will be one to remember! Rates hit in the 3's again, and lenders have come a long way in driving down closing costs too! It is very exciting!!
We may be able to WAIVE the appraisal. Ask me to check your GA property for eligibility. That's nearly $500 in savings! "YES WE CAN!"
We have access to Simple Refinance Closings. Ask me to use my closer if you are open to the option of where you close for $500-700 in savings. "YES WE CAN!"
If you don't want to wait 5-7 days for someone to underwrite your file, so you need an extremely long lock and months to get this done, let me know. "YES WE CAN!"
Does this Blog look obnoxious? YES IT DOES! But so is refinancing so lets just get it done!!
Call me/ Text me / Email me if your ready to do a quick crunch of the numbers and get the savings started! 678-467-2330
(If you already know what you generally want, go ahead and text "showmethemoney" to 36260 :)
The more you follow the automated application process, the more the savings are passed on to YOU! Apply from your phone!
Since the election,
the average mortgage rates have increased. The nine-week rise came to a sudden end today
with rates decreasing during the first week of 2017. The average mortgage rate
for the 30-year note dropped by 12 basis points to 4.20 percent. Rates for the
15-year notes decreased from 3.55 to 3.44 percent. It is still higher than
prior to the election, but a new trend always starts with a first day.
This drop is good news
for last minute refinancers or purchasers seeking a mortgage. If restructuring
your mortgage is rate sensitive, it is likely time to take action since most
experts expect rates to continually climb throughout the year, despite the
Compared with rates in
previous decades, current rates are low for mortgage borrowers. This is set to
change, though, with rates having the potential for a rise to 5%+ during the
coming year. It means that homebuyers, especially first-time buyers, should
attempt to purchase sooner rather than later, or face decreased home price qualifications
in the future.
If you're interested in
refinancing or making the dream of homeownership a reality,
visit www.NewThresholdMortgage.com for more information and achieve your next step.