Is Refinancing Worth the Cost?
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Some have said that only if your new interest is at least one percent lower, should you refinance your mortgage. That could have been accurate years ago, but since refinancing has been costing less in recent years, it is no longer a reliable indicator.
When you refinance, you might have the ability to lower your interest rate and monthly payment amount, perhaps significantly. You may have mortgage insurance that could be removed with a refinance. Moving to a shorter amortization period could be very beneficial. You could be able to "cash out" a portion of the built-up equity in your residence, which you will be able use to take care of higher interest debts, make home improvements, or finance a vacation.
Fees and Expenses
All these advantages do cost something, though. When you refinance, you are paying for many of the same things you were charged for during your current mortgage. Included in your costs might be an appraisal, underwriting fees, lender's title insurance, settlement costs, and other fees.
Let us do the math
Most borrowers find that the savings per month outweigh the up-front cost of a refinance. We'll work with you to find out what loan program is right for you, considering your cash on hand, how likely you are to sell your home in the near future, and what effect refinancing may have on your taxes. The question to ask is "how much better off will I be?" Call me at (303) 443-5566 to get you started.
Curious about refinancing your home? Call us: (303) 443-5566.
Get a Refinance Quote
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