REFINANCE your existing mortgage loan - When and Why
Minneapolis, MN: The first rule in refinancing your home is that there are NO RULES. You should refinance if it makes sense for you.
Many people still think the "Rule Of Thumb" is that that if you could lower your interest rate by 2% or more then you should refinance; Depending on your situation, it may make sense for you to refinance even if you can lower your rate by only 1/2%, or make sense even if your rate or payment go up.
The most common refinance lets homeowners reduce their monthly payment. Just imagine what you could do with an extra $100, $200, $300, or more in your pocket every month.
Others slash thousands of dollars off the total cost of the loan with a new shorter term loan. For example, you have 26-years left on your current mortgage loan, but you can refinance to a new 20-year loan, chopping off 6-years, and essentially keep at or near the same monthly payment.
Popular "cash-out" refinancing is always an option if you want extra money to be used for any purpose, like paying off other high interest debt. With most homes coming back up significan;y in value the past few years, we are seeing more and more people taking cash out.
Current mortgage interest rates, while slighly above historic lows, are still historically awesome. The FED is talking about rate increases again at least twice in 2018, , so if you are thinking about it, NOW is probably your last chance.
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Joe Metzler is a Senior Mortgage Loan Officer for Minnesota based Mortgages Unlimited. He was named the 2014 Minnesota Loan Officer of the Year, and Top 300 Loan Officers in the Nation for 2010, 2015, 2016.
To refinance with Mortgages Unlimited, your local preferred lender for Minnesota, Wisconsin, and South Dakota, simply call (651) 552-3681, or APPLY ONLINE.
NMLS 274132.
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