Time To Refinance?
Common reasons to refinance include: lowering interest rate, reducing length of mortgage, making home improvements, converting to an ARM, escaping a balloon provision with no conversion option, consolidating debt or simply just to cash out during this phenomenal seller's market.
Calculate the savings by looking at your current monthly payment, original cost of the home, itemized refinancing costs, monthly payment after the refinance, how long you plan to live in the house after the refinance, amount owed on the house, and break-even point (cost of the refinance divided by monthly payment savings).
Plan carefully when you refinance: Do not make any major purchases, close your credit card accounts after consolidating debt, make home improvements right away. Leave some equity in place for your security.
Speak to at least two mortgage brokers/banks to get the best rates/terms.
Kelly Feda - Global Luxury Specialist
Coldwell Banker - President's Elite Top Producer
kelly.feda@cbmoves.com
www.homesbykellyfeda.com