Mortgage Refinancing

Real Estate Agent with Keller Williams Premier Realty 40213101

More rates are still at an all-time low and you are considering refinancing your mortgage. Before you take that step, there are a few things that you should consider to make sure that the refinance is going to benefit you financially.

Will You Save Money By Refinancing – You need to take into consideration all the fees that are included with the refinance, not just the money you are going to save monthly. Often times with a refinance, there will be funding fees, application fees, and possibly an appraisal. Make sure that you are going to break even in the next few years with the fees of a refinance. If you plan on selling your home in the next 4 years, a refinance will most likely not benefit you.

Do I have to Refinance with my Current Lender – The answer is NO. You can shop around and see who is offering the best rates with the lowest fees. Often, a lender will want your business and they can match what another lender has offered you. Just make sure that your total fees and amount saved each month is to your advantage.

Will My Credit Score Affect my Refinance – Your credit score will affect the rate that will be offered to you when you apply for a refinance. If your score is high, you will probably get a great rate. If your credit score is low or average, you will most likely be offered a higher interest rate. Before you apply for a refinance, check your credit report at You can also pull your credit score to see what it is. You want to be informed of the information in your credit report.

What is a No-Cost Refinance – There is actually no such thing as a No-Cost Refinance. The lender will just roll the costs of refinancing your loan into the balance, or the lender will eat the costs of the loan and then offer you a higher interest rate.


We hope that you found this information helpful. That is what Team Tork is all about; giving great information and education to the community. If you are in the market to buy your next home, or thinking of selling your home, call me. I have the experience and knowledge to get the job done. Call me directly at 651-379-4138 or 651-210-1038, or if you would rather, send me an email to We have more educational information on our website:


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Caroline Kuchinsky
Lower Rate Mortgages - Toronto, ON

Thanks Joey! I did enjoy reading your article. I believe that refinancing as a trend will become more popular in the next years. If you are interested to read more about refinancing in Ontario, please visit my blog.

May 28, 2019 07:34 PM #1
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