Should You Refinance Now?

Should You Refinance Now

The inevitable question of Refinancing is always on the forefront of a homeowners mind especially with low rates being advertised and easy terms being offered. Of course, always get educated on the “What’s In It for Me” of Refinancing. Have a check and balance to guide you with this decision.   Here are some go to points.

  • Do your research. Call or visit a Cherry Hill NJ mortgage lender and find out what the current interest rates are and compare them to your current interest rate to see which is lower and or offers more benefit regarding terms. Remember that credit scores can greatly impact interest rate calculation.
  • The better your credit, the lower the interest rate will be.   Seek mortgage assistance from Cherry Hill NJ mortgage lender to pre-assess your qualifications.
  • Refinancing a loan to a shorter term can give you more savings. When you lessen your loan term from 30-year to a 15-year loan, you are actually saving thousands of dollars on the total cost of the property.   You may see that your payment goes from $1,200 monthly to    $1,500 per month, but once your mortgage lender calculates the payments and duration, you’ll see the amount of money that goes to interest and how much your long term savings will be.
  • The benefit of a refinance is you also get to have your home equity assessment redone. This may allow you to borrow money against the equity in your home to pay off credit cards, college tuition and business investments. You can also do home improvements to increase the appraisal of your home while you’re paying for it. Ask your mortgage lender for details.
  • A fixed interest rate to get rid of an adjustable-rate term is highly beneficial. Interest rates fluctuate every now and then. While it works for some borrowers long term, having a fixed interest rate pays off in the long run.

As a rule of thumb, in any financial moves that are done, it is always best to have a list of pros and cons, as well as future planning in mind. This way, you will get the full rewards of refinancing your mortgage based on the best financial decision. Using a reputable mortgage lender in Cherry Hill NJ is a decision you won’t regret. With experience and knowledge to pass on to their clients Mortgage Lender has leading experts in the home loan and home refinance field. Visit them to get a quote and see what your options are.