August 9, 2017
Real Estate
There are times when it pays (literally) to refinance a mortgage. Refinancing a mortgage means paying off the existing loan and replacing it with a new one. There are many reasons why homeowners refinance, from obtaining a lower interest rate, to shortening the term of the loan, to switching types of mortgage loan, to tapping into equity. Below are some of the reasons to consider refinancing:
Before refinancing your current mortgage, you must have a clear understanding of all financial objectives. Refinancing normally costs between 3 and 6% of the loan’s principal and it can take years to recoup that cost with any savings generated by a lower interest rate or shorter-term loan. A refinanced loan can go a long way to improving your financial situation, however if you are not planning on staying in the home or keeping it long term, then refinancing might not make sense. Be sure to talk to your investment manager and do what is right for your particular situation. Be sure to call Sonja at 661-979-9000 or email her at [email protected] to discuss your refinancing options also.
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