REFINANCING MORTGAGE
You bought your home a few years ago, and current mortgage interest rates or home loan programs may provide you with better terms. Explore the possibility of improving your finances for a better living.
SHOULD I REFINANCE MY HOUSE
Here are 5 common reasons to refinance:
Talk to your local loan officer about your refinance goal:
• Lower your monthly mortgage payment
• Get rid of your mortgage insurance (PMI)
• Pay off your mortgage faster
• Lock in on a low, fixed-rate loan
• Take cash out of your home equity
*By refinancing an existing mortgage loan, your total finance charges may be higher over the life of the loan.
WHAT TO KNOW BEFORE YOU REFINANCE YOUR HOME LOAN
What is your financial goal? Be smart about your refinance and make sure the numbers work to your advantage. Consult an experienced Home Financing Specialist early to ask about current mortgage interest rates and refinance loan options.
What is your current credit score? Obtain a copy of your credit history and your credit score. The better your score, the better the mortgage refinance interest rates you’ll be offered.
What is your home’s current value? Get an estimate of your home value by checking recent sales of homes like yours in your neighborhood—that will help you determine what your home could be worth.
What refinance rates are available today? You can get started by comparing and shopping for the best mortgage rates and loan programs. There are certainly many websites on the internet that you can reference; however, consulting a licensed loan officer is your sure bet to finding the best loan for YOUR financial situation.
Doorway Home Loans offers a broad set of loan products, including but not limited to:
What is your all-in cost? Much like buying a home, there are costs and fees associated with refinancing your mortgage. Make sure you fully understand and consider the total cost of the transaction to determine whether it is worth refinancing.
When is a good time to lock your rate? Consult your lender on when to lock in a good rate, so your offered rate can’t change during a specified period before closing.
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