Mortgage Refinancing

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Thinking about refinancing your mortgage? Rates are still at all-time lows!

How can refinancing your mortgage benefit you?

  • Lower your monthly payment
  • Consolidate debt
  • Pay off your mortgage faster

The result of all these benefits is the same – you save money! Who doesn’t want that?

Before you decide to refinance your home, there are a few important questions to consider:

1. Should you refinance your mortgage?

Consider the costs of refinancing as well as other issues: What’s the break-even point to cover closing costs? What type of loan is best: fixed or adjustable? How long do you intend to stay in your home? Do I have to pay a pre-payment penalty on my current mortgage to refinance?
Look at the overall picture, not just the monthly savings to decide whether refinancing is a smart choice for YOU.

2. Can you refinance your mortgage?

Check your current home value and your financial condition. Compare your home value against the amount you owe on your current mortgage. Take a look at your current financial situation and compare it to when you got your mortgage. Is it better, the same, or worse?

When considering a refinance, planning and preparation are the keys to a smooth refinancing experience.

3. What rate do you qualify for?

The top reason that homeowners refinance is to lower their current interest rate to save money. The interest rate that you qualify for may not be the lowest published rate. Your credit score is the main factor – the higher the score, the lower your interest rate and the more you’ll save. Don’t know what your score is? You’re entitled to a FREE credit report every 12 months from each of the three main credit bureaus. You can access your free credit report at www.annualcreditreport.com.

Be sure to check your credit score and do everything you can to get the best rate before you apply to refinance. Be sure to find out all of the expenses associated with your refinance.

4. What other opportunities does refinancing provide to lower payments and save money?

Refinancing can generally benefit you by lowering your monthly payment, paying off your mortgage faster, or save you money on other high-interest debt by consolidating.

Refinancing isn’t the only way you can reduce your monthly mortgage payment. If you are currently paying Private Mortgage Insurance, you may be able to eliminate it when refinancing by reducing your Loan-To-Value (LTV) under 80%. You may want to consolidate other high-interest debt to save money and have only one payment. Or maybe you have a better credit score than when you first got your current mortgage.

Consult with a mortgage specialist to find out how you can benefit.

Mike StoufferDeb LaiteNiki Sheppard Photo
Mike Stouffer
MLS 446851
[email protected] or call (717) 262-4312
Deb Laite
MLS 446824
[email protected],org or call (717) 262-4311
Niki Sheppard
MLS 783324
[email protected] or call (717) 262-4303