Refinancing your current mortgage

Many homeowners consider refinancing when interest rates start dropping, or if there is a change in a personís financial situation.  A good rule of thumb suggests that if interest rates are more than Ĺ% lower than your current interest rate, then perhaps it is worth considering to refinance your mortgage.  Conventional wisdom may suggest that choosing a lower interest rate will save you money, but it is possible to save much more by picking the right mortgage product.  You should never consider any single variable on its own when choosing a mortgage, but rather look at all the options and considerations before making your decision.  When choosing a mortgage strategy, we need to identify how long you plan to stay in your home, how you will be using your new found equity, and whether refinancing now supports your overall financial goals.  One of the most important items to identify is how quickly will you recover any prepayment penalties, legal fees etc. associated with refinancing your mortgage and what direction interest rates are expected to move in the future. 

We welcome the opportunity to discuss how I can help design a mortgage that is customized to fit your specific needs and the timing has never been better than right now!


Last updated:  12/6/2010 11:51:43 AM

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