how to determine when refinancing makes sense
TRANSCRIPT
WHAT ARE YOUR PLANS?
The first question is whether or not you plan on
staying in the home. If you are not staying, then
you might not need to refinance. Why incur
more closing costs and start your payments all
over again when you will sell the home in 2
years?
If you plan on staying, however, and you can
reduce the interest rate enough that it makes
sense to pay the closing costs because you will
recoup the difference in a short amount of time,
then refinancing might make sense.
WHAT ARETHE COSTS?
Every loan has costs, some higher than others.
This is one thing you can control because you
can shop around with different lenders to see
the normal closing costs for you area.
Really weigh the costs of refinancing to
determine what the right choice is for you by
determining how long it will take you to make up
the closing costs in the savings you gain by
lowering your interest rate.
TAKE A NO CLOSINGCOST LOAN
Every loan has costs, some higher than others.
This is one thing you can control because you
can shop around with different lenders to see
the normal closing costs for you area.
A SAFER LOANAnother reason that it is a good idea to
refinance is when you refinance into a safer
loan. By safer, we mean an adjustable rate to a
fixed rate or a 30year term to a 20year term.
Generally, a fixed rate for the lowest term
possible is what is necessary to have a safe
loan.
BEST VA STREAMLINE REFINANCEFinding the
vastreamlinerefinance.com is a onestop shop
offering useful information about VA loans and
enabling customers to shop for multiple lenders.
CLICK HERE TO LEARN MORE
JUSTIN MCHOODInformation Provided by
He is Americas Mortgage Commentator
and has been providing Mortgage
commentary for over 10 years.
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