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Things You Might Not Think of When Refinancing Your Home

 

Are you planning to refinance your home this year? If you're interested in lowering your mortgage payments, decreasing your interest rate or more, chances are you've probably thought about whether or not you should refi your mortgage. This lengthy process can have a number of advantages and disadvantages depending on your situation, so you'll have to weigh your options carefully before taking the plunge.

When you're ready to learn more about preparing for a new mortgage, here are six things you might not think of when refinancing your home. 

  1. You'll have to get an appraisal. You'll have to get an appraisal when refinancing your home, so keep your house's value and your savings in mind when determining whether or not you should pursue smaller monthly mortgage payments or a lower interest rate.
  2. You'll need to pay closing costs. You'll need to pay closing costs a second time when refinancing your home, so make sure you have an adequate amount of money saved to pay these upfront fees and any other costs associated with a mortgage refi. 
  3. You'll have to go through the same process. To a certain extent, it's like buying a house all over again, so think back to when you bought your house and make up your mind about whether or not you can dedicate enough time to the effort. 
  4. You'll need to get your credit checked. The bank is going to want to check your credit score when you're refinancing your home, so keep in mind that you won't be able to negotiate a better deal if your credit score is lower than it was when you were first approved for a mortgage. 
  5. You'll have to think about the interest rate. Are rates higher than they were when you first financed? Are they lower? Even a small difference can mean a lot of money over time. Take into account the full picture: the number of months you'll be paying the new mortgage and the rate you'll be paying compared with your current timeline and rate.    
  6. You'll need to live in your house a long time. Refinancing may not be worth it if you're planning to move in the near future. Figure out how long you plan to live in your current place and how much your closing costs will be before making the refi decision.  

These six things you might not think of when refinancing your home are important to take into account before you start shopping around for a new mortgage. Because a refi can lead to a number of benefits and costs down the road depending on the outcome, you'll need to prepare for every scenario before making a commitment. 

We're here to help, so if you think refinancing might be right for you, we can help you decide what your next steps should be.

 
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Dan The Real Estate Man
Dan The Real Estate Man
REALTORĀ®
(562) 618-4993
DanSellsRealEstate@gMail.Com
Century 21 Classic Estates
13217 South St.
Cerritos, CA 90703
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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