Thinking about refinancing your home can be just as daunting as it was when you bought for the first time. Mortgages are always changing and the media is full of advice on what you should or shouldn’t do. How do you make sense of it all? We can help. We will sit down with you, discuss your current loan, look at options, and actually crunch numbers before you start spending time or money on refinancing. No sales pitch, no gimmicks, just sound advice that you can trust.
When Is Refinancing Worth It?
Refinancing is a big decision. Consider how long you expect to live in the home, if you can roll the closing costs into the loan, if you want cash out to pay off other debts, and what the difference will be in your payments. Divide the total costs by what you will save each month – the result is how many months it will take to break even on the deal. This will help you decide if refinancing is right for you.
How Much of Your Home’s Value Can You Borrow?
This depends on a variety of factors. Most borrowers can borrow up to 80% of the value of their home, but there are several loan options to borrow more; private mortgage insurance, or a government loan. An appraisal will require 3-5 comparable homes that have sold within the last 12 months, within a certain mile radius of your home. We can help you understand the appraisal process and what loan options are available with your appraisal valuation.
Information and interactive financial calculators are made available to you as self-help tools for your independent use. We cannot and do not guarantee their accuracy or their applicability to your circumstances.