Important Questions when Considering a Mortgage Refinance.
Are you thinking of a mortgage refinance? After all, it’s a great time to consider one given that rates are still at historic lows. But, did you know that where mortgage rates are today is not the only thing to factor into your decision making process? Below are the three important questions you should be asking yourself:
- Are you planning on moving in the near future? It might not make sense for you to refinance your loan if you are considering moving. Refinancing may save on your monthly payments, but closing costs and other fees may just outweigh any monthly saving benefits. Make sure to do a careful audit of all costs and compare it with your moving time frame before making a decision.
Are you comparing mortgage rates? Before refinancing a home loan, compare your current rate with today’s rates to ensure it makes sense to refinance. If today’s current rates are significantly lower than what you are currently paying, it tends to make sense to refinance your mortgage. However, if your current rate and today’s mortgage rates are close to each other, it may not make sense to refinance. In this instance, you should speak to a trusted mortgage banker and have them help you make the right decision.
Have you chosen the best mortgage banker for your needs? The mortgage industry is a very competitive business, providing you, the client, with a great deal of power when making decisions. If you believe that a refinance is right for you, make sure to thoroughly investigate and interview all the mortgage bankers you are considering. Be sure to choose a mortgage banker that is determined to not only get the best rate, but also be present when guiding you through every step of the process.
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