We’re constantly bombarded by lenders to refinance our mortgage under a variety of programs. The volume of offers can almost make you numb to the rational consideration.
There are common rules of thumbs that homeowners and agents use such as not refinancing more often than every two years or there must be at least 2% savings from your previous mortgage rate may not always be accurate.
The reality is that if you can refinance for a lower rate and you’ll be in the home long enough to recapture the cost of refinancing, it should be considered. The costs of previous refinancing that haven’t been recaptured by monthly savings may need to be added to the costs of the new refinance.
Take a look at the chart that shows the average rates according to Freddie Mac for 2012. They are lower today than they were in January of 2012 and for the ten years before that.
Refinancing may save you a substantial amount of money, especially if you’re going to be in your home for a long time. It is definitely worth investigating. To get a quick idea of what your savings could be, use this refinancing calculator.
After spending the holidays with family and friends, this is a time of the year to start thinking about changes to make in our lives, both personal and in business. I wanted to share one of mine with you.
My goal is to become your REALTOR® for life. I want you to think of me first when you need to buy or sell and that you’ll recommend me to your friends too. That kind of trust has to be earned and I’m committed to helping you be a better homeowner even when you’re not buying or selling.
The strategy is simple. A well-informed homeowner will make better decisions. I’ll periodically offer information through articles and social media on a wide variety of home-related topics like maintenance tips, tax law changes, financing suggestions, insurance, equity building strategies, and rental property investments.
Please contact me if you need a recommendation on a service provider. My experience has built a list of reputable and reasonable contractors that you can rely upon. When you have any kind of home-related questions, I hope you’ll have the confidence to call me.
Happy New Year. I sincerely look forward to helping you or your friends.