With today’s lower rates, this may be a good opportunity to refinance
If you’re thinking of refinancing to take advantage of today’s lower rates, it’s more important than ever to work with the right mortgage partner.
Choose from a variety of options, including fixed rate, adjustable rate and interest-only mortgages. And refinancing may also help you:
• Lower your monthly mortgage payments
• Free up your cash for other uses**
If you do consider refinancing, you'll want to ask your Financial Advisor how it may affect your overall financial picture.
Based upon how long you plan to stay in your home, you should make sure your expected rate savings exceed your overall transaction costs.
As you consider your current home financing options, you may want to keep in mind that mortgage underwriting guidelines are now much stricter.
Here are some considerations:
If you currently have a home equity line of credit (HELOC) and you want to subordinate it, this could add more time to the refinance process.
It's a good idea to check your credit rating because it could impact the overall credit decision.
Home values have declined in recent years. While these decreases vary by geographic area, they affect virtually everyone's home. Your current home value will impact the approval and terms of your refinancing.
Also, Dramatic changes in financial markets - particularly steep drops in stock prices
may cause you to question whether your investments can still meet your financial needs,
such as funding retirement, college education, or a home purchase.
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