Migrating from one mortgage rate to the next can be an imperative decision for those struggling to make payments on their current loans. But comparatively, refinancing a mortgage loan repeatedly can lead to a bigger headache than you started with.
Take the time to assess your mortgage with the following recommendations and get a professional consultation. It will give you a more realistic idea of what you stand to gain from refinancing.
• Know what you want to accomplish. A common goal of refinancing is to reduce the interest expense. An alternative is to extend the loan so that the monthly payments are reduced. Know this before going in so that you can get the best option.
• Be wary of closing costs. While the idea of refinancing your mortgage can seem alluring, you should be aware that there are other expenses along the way. In the long run, it might be prudent to evaluate the total costs of either option before committing.
• Choose Your Circumstances. Timing is important when it comes to refinancing. It’s usually a decision that gets made after living in the same home for a few years. If you have taken the time to look at savings relative to the costs, you will be more apt to make a decision relevant to your finances.
For more information, call at 803-765-1680 and toll-free 800-854-9484.