The main reason many people refinance their mortgage is to get a lower interest rate. But in a competitive real estate climate, it can be challenging to secure better rates. Even if you do find a better rate, it’s not always the best decision for your financial outlook – one of the biggest risks in establishing a pattern of refinancing is the accumulation of closing costs and other fees.
Here are a few tips if you are considering migrating from your current mortgage, about how to be smart and get a good mortgage refinance.
1. Pick your moment. There are ups and down in the real estate market. Choosing an opportune moment to make your move will maximize your overall benefit.
2. Have a goal. Reducing your interest rate is the most common goal of refinancing but it’s not the only one. Be concise and stay focused on what you want to accomplish. Don’t rush your decision based on extraneous information.
3. Debt consolidation. If you have two mortgages, combining these debts into a fixed-rate loan can make payment more predictable and easier to manage.
For more information call 803-765-1680 and toll–free 800-854-9484.