Now is a Good time to refinance.
With all the changes in the interest rates lately people always ask should they refinance their mortgage. The question is simple enough but the answer is more complex. We work with clients, their financial planners, accountants and attorneys to determine what is in the best interest of the client based on various factors. For example:
- How long do you plan on staying in the house?
- What is your current balance, rate and remaining term?
- What is the current market value of your property?
- Is it fixed or adjustable?
- Is it Jumbo or Conventional? If Jumbo, can you reduce the loan amount by paying down part of the principal to $417,000 or less?
- Is there a second mortgage? What are its terms?
- Has your employment changed, do you anticipate any job or industry changes?
- Are you W-2, 1099, business owner, receive stock or other bonuses?
- What are your cash flow goals?
- What are your credit scores?
- Do you own a second home or vacation property?
- Any parent/child issues that could change your housing needs?
- Any marriage/divorce issues that could change your financial status?
- Do you intend to remodel or put on an addition?
- Will you consolidate other higher interest rate or non-tax deductible debt?
- Do you escrow or pay your own taxes?
Once we have the information gathered from the above questions, we put together an analysis of closing costs and benefits, including payment amounts, by comparing your current situation to various mortgage options currently available, including: 30, 20 and 15 year fixed rate and 10, 7 and 5 year adjustable rate mortgages. Together we evaluate the right product to match your particular situation.
We would be more than happy to work with you and any of your financial team to assure that you are in the right mortgage product that best meets all of your needs.
