Mortgage Refinances

If you’re thinking about refinancing your mortgage, your timing couldn’t be better because interest rates are still low!

Refinancing can benefit you by:

  • Lowering your monthly payment
  • Consolidating debt
  • Paying off your mortgage faster

The result is the same – you save money!

Before you refinance, there are a few things to consider:

  1. Should you refinance your mortgage?
  2. Can you refinance your mortgage?
  3. What rate do you qualify for?
  4. What other opportunities does refinancing provide to lower payments and save money?

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. And 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’re in a better place than you were when you first got your current mortgage.

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

Mike Stouffer Linda Shearer Deb Laite
Mike Stouffer
MLS 446851
Email or call (717) 262-4312
Linda Shearer
MLS 446825
Email or call (717) 709-4992
Deb Laite
MLS 446824
Email or call (717) 262-4311
deb harbaugh ethel smith
Deb Harbaugh
MLS 446841
Email or call (717) 263-4444 ext 2509
Ethel Smith
MLS 446848
Email or call (717) 263-4444 ext 2546