Sometimes Refinancing Isn’t Right For You…

By
Mortgage and Lending with Berkshire Lending, LLC

small-brett-pic3This may sound funny coming from a mortgage guy, but sometimes it’s not necessary to refinance your mortgage to reduce the number of years left on your mortgage.

I have to tell people sometimes that it just doesn’t make sense to refinance. The drop in rate isn’t significant enough to warrant the costs of the refinance.

…but, what do these people do when they want to refinance to reduce the number of years on their mortgage?

One simple thing you can do is simply pay more each month on your current payment.

I’ll give you an example…

On a $100,000 30 year mortgage – if you just add $120 to your payment every month you will pay your mortgage off in 20 years.

…If you add $250 to your payment on a $100,000 30 year mortgage you would pay the mortgage off in 15 years.

Easy right!

That’s it for today!

…by the way if you know of someone needing to be prequalified for a mortgage loan – I appreciate your referrals!

Thanks for reading! …and, have a great day!

Brett

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Comments (3)

Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Your suggestion should be talked about more...Practical post here. thank you

Dec 06, 2015 10:30 PM
Douglas Rawan
Drew Mortgage Associates - Shrewsbury, MA
Mortgage Lenders

Thanks for sharing. Good Article!!

Dec 09, 2015 08:53 PM
DEANNA C. SMITH CERTIFIED MOBILE NOTARY
Certified Mobile Notary Signing Agent - Smith Mountain Lake, VA
Highest Ranked Certified Mobile Notary in Virginia

Your post is spot on Brett Sampson .   Not everyone or every situation is right for refinancing.   People considering refinancing should always look at ALL options before deciding their next move.

Dec 10, 2015 02:45 PM