Are you feeling weighed down by your mortgage? If so, you’re not alone. Let’s explore how refinancing might help lighten your financial load.
I’m joined with our lending partner, Greg Leaptrotte with Motto Mortgage Simplified, to help us understand the ins and outs of refinancing.
WHAT IS REFINANCING? – lowering your rate or reducing your term on your mortgage.
REASONS WHY YOU’D WANT TO REFINANCE? – lower monthly payment & interest rate. Cashing out to pay off high interest debt or do home improvements. The equity in your home can be utilized to pay off any high-interest deb and combine it all into one payment.
WHEN SHOULD YOU CONSIDER REFINANCING? – when it lowers your rate by at least half a point is when it starts making sense.
WHAT ELSE DO WE NEED TO KNOW ABOUT REFINANCING? – you need to know what your closing costs will be, and you need to shop around for rates, don’t settle for the first offer. Motto Mortgage Simplified are brokers, so we shop your rate with 5-10 different lenders to give you the best deal, unlike local banks, such as Wells Fargo or Queensborough.
If you have questions about refinancing, give Greg a call! And if you’re thinking about buying or selling, we are on standby 7 days a week, ready to help you take the smoother road to sold!