Refinancing Your Home: Is it Worth the Money?Feb 01, 2021
Ready to Refinance your mortgage?
Watch this video to figure out if it'll be worth the money and the hassle.
Why would you want to refinance your mortgage?
- To lower your monthly payment
- To pay down your loan faster
Could you be a good fit for a refinance?
- Can you save more than half a percent off your current rate?
- Will you be in your home for over 3 years?
How to get quotes:
- Survey at least 3 lenders
- Look for relationship discounts
- Bring: your FICO score, your current mortgage statement, your income/W2's or tax returns, and know your current home value
- Don't let lenders pull your credit yet!
What information should you have:
- Closing costs + Fees
- Estimated new payment
Calculate how many months you need to stay in your home to recoup your costs:
- Closing costs + Fees/ New payment- Old payment
- Will you be in your home for this long?
Money making tip!
- Are you an attractive buyer? Is your credit score over 740, do you have a low amount of debt or no debt and steady income?
- Take advantage!
- Make your top 2 lenders compete for your business and see how much you can save on closing costs and your rate. We did this recently and saved over $2000!