Thinking about refinancing your home can be just as daunting as it was when you bought for the first time. Mortgages are always changing and the media is full of advice on what you should or shouldn’t do. How do you make sense of it all? We can help. We will sit down with you, discuss your current loan, look at options, and actually crunch numbers before you start spending time or money on refinancing. No sales pitch, no gimmicks, just sound advice that you can trust.
With rates at an all time low, refinancing is a big consideration. Consider how long you expect to live in the home, if you can roll the closing costs into the loan, and what the difference will be in your payment. Divide the total costs by what you will save each month- the result is how many months it will take to break even on the deal. Then you will know if it is worth it.
This depends on a variety of factors. Most borrower’s can borrow up to 80% of the value of their home (after all mortgages are totaled), but there are several loan options to borrow more with mortgage insurance. An appraisal for a fixed-long term rate loan will require 3-5 comparable homes that have sold within the last 12 months, within a certain mile radius of your home. Sometimes that can be difficult for an appraiser. We can help you understand the appraisal process and what loan options are available with your appraisal.