From my experience, most people refinance their current mortgage to save money or to get out of adjustable-rate mortgages into a fixed rate. Refinancing is like making an investment. You need to balance the cost of refinancing with the amount of interest you save over time. The savings are really your return on investment from refinancing.
With zero point and no-cost refinance programs, the cost of refinancing can be eliminated as a consideration. However, the trade-off with most of these creative finance programs is paying a somewhat higher interest rate.
When your primary motive is to save money by refinancing or to get out of adjustable-rate mortgage, you need to answer 6 questions:
1. By how much will my payment jump after the rate adjustment?
2. How often will my rate adjust and by how much?
3. Is it important to have stability in my payment and rate?
4. How much money will I save in a long term?
5. How much will it cost me to refinance?
6. Are the savings large enough to justify the cost?
If you have and adjustable-rate mortgage it is important to compare whether to stay with an adjustable rate or to refinance into a fixed rate. You may be able to save money, have the benefit of fixed monthly payment even after paying for closing cost and/or prepayment penalty. I'd be happy to calculate the payment necessary to pay off your loan in any number of years you desire.
There are many loan programs to consider, as well as fees for acquiring them.
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My purpose is for you to be so outrageously happy with the help I provide you that you'll gladly introduce me to at least two people you really care about before I even help you buy a close on your loan.
I help clients who are looking to purchase new or refinance their existing home in Palm Coast, Ormond Beach, Daytona Beach, Orlando, Miami, St. Augustine or anywhere in Florida. I also can help customers from New Jersey, Tennessee, California, Georgia, Arkansas, Colorado, Illinois, Indiana, Iowa , Kansas, Michigan, Missouri, New Mexico, Oklahoma, South Carolina, Tennessee, Texas, Wisconsin.
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