San Francisco | Tips On Home Mortgage Refinancing |Mortgage residential and commercial home loans SF
If you are thinking of home mortgage refinancing, make sure you give it a good thought. Here are some tips you may want to consider before you refinance.
Home mortgage refinancing can be a sound financial move for any homebuyer, most especially if the interest rates are ideal. You can save a lot on your monthly payment, and you can swiftly ease your way back to regain financial control.
Factors to Consider Before Refinancing
When you refinance, it is just as important to consider other factors related to your mortgage. You do not only look into the interest rate, but make sure you consider the following as well:
The amount you still owe. The amount you can refinance is determined by the amount you have paid for your mortgage and how much you still owe.
The length of time you have been paying for your existing mortgage. If you have paid 15 years out of a 20 year mortgage term, refinancing will cause you to extend your payment once again.
Your credit rating. If your credit score is great, then you will most likely have no problems with home mortgage refinancing approval. On the other hand, those with low credit rating will not only face difficulties with approval, but may be faced with higher interest rates or charges as well.
How long you intend to stay in your home. If you intend to sell your house in a year or two, then you will most likely not benefit if you refinance. But if you will live for longer than ten years, refinancing can help you pay off your home sooner with some monthly savings on top.
How much bills you pay for each month. If you are having trouble making ends meet or having problems paying of credit card bills and unsecured loans, refinancing can be a good solution to start with a clean slate by consolidating. Refinancing can help you save on monthly payments and get you started in saving for the future.
Tips to Ensure Financial Success with Refinancing
After you have carefully thought of the factors stated above, make up your mind as to whether refinancing is definitely a good financial decision for you. If you believe so, here are some tips to help you ensure success with home mortgage refinancing:
To make home mortgage refinancing more worthwhile, make sure that the interest rate is significantly lowered, say at least 2 or 3% lower than your original mortgage. Consider the points as well. Lenders usually charge more points with lower interest rates, so make sure you weigh accordingly.
Compare the total costs you need to pay off with your existing mortgage, with the some total you will be required to pay when you refinance. You can use a loan calculator available online to help you. Make sure you consider fees and charges you incur when you take on a new mortgage.
Shop for a good lender. Be wary about fraud lenders, as they have become rampant in the recent years. Research about the lender’s services, ask for recommendations and talk to some of their old clients. Also, ask them for a list of charges that they will impose to you at closing.
Home mortgage refinancing may offer you the best chance you have to get your finances straight, but it can only be so if you do it right.
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