Should I Refinance my House
Here are 5 common reasons to refinance:
- Lower your monthly mortgage payment
- Get rid of your mortgage insurance (PMI)
- Pay off your mortgage faster
- Lock in on a low, fixed-rate loan
- Take cash out of your home equity
What to Know Before you Refinance
What is your financial goal? Be smart about your refinance and make sure the numbers work to your advantage. Consult an experienced loan officer early to ask about current mortgage interest rates and refinance loan options.
Check your Credit Score
What is your current credit score? Obtain a copy of your credit history and your credit score. The better your score, the better the mortgage refinance interest rates you’ll be offered.
Check your Home Value
What is your home’s current value? Get an estimate of your home value by checking recent sales of homes like yours in your neighborhood—that will help you determine what your home could be worth.
Find your Rate Options
Get started by comparing and shopping for the best mortgage rates and loan programs. There are certainly many websites on the internet that you can reference; however, consulting a licensed loan officer is your sure bet to finding the best loan for YOUR financial situation.
What is your All-In-Cost
Much like buying a home, there are costs and fees associated with refinancing your mortgage. Make sure you fully understand and consider your total cost of the transaction to determine whether it is worth refinancing.