Refinancing Pros & Cons

**You may qualify for special programs available to homeowners who have lost significant equity and fit the guidelines. **

Refinancing can be beneficial to your overall financial picture but it’s important to carefully analyze all the factors. Everyone has different goals and circumstances. There really is no “rule of thumb” that applies to every situation. Some things to consider are;

• How long will you likely stay in your home?
• Will you potentially be able to reduce or remove current mortgage insurance?
• How much equity can you gain by decreasing your term as well as your rate?
• Will you be needing cash for repairs, improvements or perhaps college?
• Will you be increasing the size of your family or become empty nesters any time soon?
• What are the costs and is a “no closing cost” option available?

We can provide a detailed and comprehensive analysis of many different plans side by side to help you clearly see what will happen over time with each option. Below is a list of the info needed to complete a full analysis at no cost. 

• What is the interest rate, original loan amount and date you obtained your current mortgage?
• What type of mortgage do you currently have?
• Are you currently paying mortgage insurance?
• Do you have any second liens on your property? (including credit lines with no balance.)
• In your opinion, what is your current approximate value of your home and have you recently made any improvements?
• How long do you plan to live there?
• Is bringing any cash to closing an option if it makes sense?