Eight Reasons to Refinance Your Mortgage

By
Mortgage and Lending with The Mortgage Market of Delaware


Eight Reasons to Refinance your Mortgage

Since there seems to be a trend of rising interest rates, you may be wondering if you should refinance your home mortgage. There are several reasons why this might make a lot of sense. Here are a few:

  1.      If your current jumbo loan or the combination of your first and second loans are $424,100 or less, you can refinance into a regular conventional loan. The conforming loan limit was increased a few months ago to $424,100.
  2.           If you have a VA home loan you can refinance without an appraisal. The VA home loan interest rates are still very attractive.
  3.           If you are a Veteran and your current loan is not a VA home loan, you most likely will be able to refinance at a lower interest rate.
  4.           If your current loan is FHA you may want to consider checking to see if you have enough equity in your home to refinance and eliminate the monthly private mortgage insurance.
  5.           If you want to pay off your loan in a shorter amount of years, you could refinance into a 15 year term loan.
  6.           If you need to reduce your total monthly debt you could do a cash-out refinance and pay off other debts.
  7.          If your current loan is an Adjustable Rate Mortgage (ARM) you should refinance into a fixed rate before rates rise too much. This is of course if you don’t intend to move in the next few years.
  8.          If you would like to remodel or add on to your home you could take a cash-out refinance to pay for the improvements.

Article written by: JoAnn Moore, Licensed Mortgage Originator, NMLS #165477, The Mortgage Market of Delaware, LLC, Georgetown, Delaware 19947. Office 302.855.1306, Cell 302.236.1229, MMODJoAnn@aol.com

 

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JoAnn Moore

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Wayne and Jean Marie Zuhl 04/09/2017 05:20 AM
Topic:
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Rainmaker
2,066,244
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I certainly think those who have higher interest rates, or mortgages with adjustable rates ought to consider refinancing now.  Interest rates aren't likely to go down for the foreseeable future.

Mar 20, 2017 04:48 PM #2
Rainmaker
2,066,244
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS JoAnn, on having this blog featured in the "FEATHER NESTERS" group!

Mar 20, 2017 04:49 PM #3
Rainmaker
392,063
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Thank you, Mryl. I appreciate that.

 

Mar 20, 2017 06:04 PM #4
Rainmaker
392,063
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Thank you for your kind words, Paul. I've been waiting for some inspiration to write a blog again and it just hit me this afternoon. Have a good evening.

Mar 20, 2017 06:06 PM #5
Rainmaker
1,211,414
Wayne and Jean Marie Zuhl
Hallmark Realtors - Clark, NJ
The Last Names You'll Ever Need in Real Estate

Good advice. Refinancing before interest rates go up is smart for many people!

Apr 09, 2017 05:18 AM #6
Rainmaker
515,217
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

Good information on refinancing a home. Have a great week, JoAnn Moore 

Apr 09, 2017 06:41 AM #7
Rainmaker
3,344,294
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

JoAnn, went to a listing appointment last week, and my past Buyer/now Seller still has a 5.5% rate.   Goodness!  

Apr 10, 2017 06:17 AM #8
Rainmaker
4,401,137
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is very good information to share with mortgage borrowers.

May 22, 2017 04:10 AM #9
Rainmaker
4,401,137
Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

Are many seniors using a reverse mortgage to purchase a home in Delaware?

May 22, 2017 04:11 AM #10
Rainmaker
1,122,310
Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi
NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656 - New Lenox, IL
708.921.6331 - 40+ yrs experience

Excellent list, JoAnn Moore ... provides great food for thought and action too!  Love educational thought-provoking posts by LOs  ...

Gene

May 31, 2017 09:56 AM #11
Rainmaker
1,201,238
Jon Kolsky
Kolsky Realty & Management - Long Beach, CA
Licensed California Real Estate Broker

JoAnn Moore ~ still today this post stands, and I'm sure that taking advantage of a refinance is something a lot of folks might want to explore

Jun 22, 2017 01:29 PM #12
Rainmaker
1,211,414
Wayne and Jean Marie Zuhl
Hallmark Realtors - Clark, NJ
The Last Names You'll Ever Need in Real Estate

This is good information to share with homeowners. Refinancing can free up some cash and change your quality of life!

Jun 24, 2017 06:23 AM #13
Rainmaker
392,063
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Thank you Wayne and Jean. I agree. 

Jun 26, 2017 09:06 AM #14
Rainmaker
2,300,064
Rebecca Gaujot
Perry Wellington Realty, Adam Conrad, Broker - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Hi JoAnn, good information for those looking to refinance. I hope they do this sooner than later.

Jul 02, 2017 09:35 AM #15
Rainmaker
3,344,294
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

JoAnn, great post, and hope you come back and write some more great posts!  

Aug 22, 2017 07:18 AM #16
Rainmaker
1,111,893
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

These are great reasons to refinance! Thanks for sharing.

Oct 10, 2017 04:24 PM #17
Rainmaker
344,917
Jim Cheney
Saint Francis Property Santa Rosa, CA - Santa Rosa, CA
Rincon Valley Realtor 707.494.1055

Nice list JoAnn Moore !  I always recommend my clients use caution with #6.  

Nov 04, 2017 09:22 AM #18
Ambassador
1,475,493
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Hi Joanne. Happy New Year. Hope 2018 brings you amazing abundance. D 

Jan 08, 2018 01:59 PM #19
Rainmaker
2,300,064
Rebecca Gaujot
Perry Wellington Realty, Adam Conrad, Broker - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Hi Joanne, stopping by to wish you a happy, healthy and blessed New Year,

Jan 09, 2018 11:28 AM #20
Rainmaker
1,323,780
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

I'm so glad we are in a position to NOT refinance and there is a light at the end of the tunnel after so many years.  One of these days soon it will be paid off!

Feb 02, 2018 08:32 PM #21
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