Refinancing is the process of paying off an existing loan with the proceeds from a new loan, and using the same property as collateral. Usually, the interest rate on the new mortgage will be less than the old, the loan will cost less and you will save money. However, refinancing isn’t appropriate for every homeowner. To know if it’s right for you, understand how these arrangements work.
So is it time to refinance your mortgage? If you will come out ahead financially, then it is definitely worth considering. However, if the difference is minimal or nil, then save yourself the time and trouble. Other factors also ultimately affect your decision, such as how long you plan to live in the home. Refinancing is not the magic answer for everyone.
Call us! We’re here to talk about your mortgage refinancing options. We’ll help you determine if refinancing makes sense for you. We also have an online calculator available to assist you in your decision.