Is refinancing worth it? It depends, of course! The easiest way to figure it out is to look at how much money can you save and how much time it takes to refinance. If you can save at least $100 a month, or $1200 a year without too much time, it’s probably worth it.
Which option is easier for you? Filling out some paperwork and collecting some pay stubs or asking your boss for a raise?
In today’s mortgage world, items need to be documented more than they were a few years ago. The basic way to think about it is just imagine us having to say, “Prove It” every time we ask a question. We need to back everything up with fact because when banks lent money out before the real estate market crashed, they didn’t care about the financial jeopardy they were putting families in and you have seen the results of their carelessness over the past few years. When they failed to be responsible, we all suffered.
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