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Questions to Ask before you Refinance your Mortgage
Refinancing your mortgage simply means replacing your rnrncurrent home loan with a new one at better rates and rnrnterms. But before you take a leap and opt for rnrnrefinancing your mortgage, do two things. First, use rnrnAll Western Mortgage, mortgage refinance calculator to figure rnrnout how much you will save and second, ask yourself the rnrnfollowing questions: rnrn1. How much equity do I have in my home?rnIn order to qualify for a new loan, you must have at rnrnleast 20% equity in your home otherwise you’ll have to rnrnpay for a private mortgage insurance and that will rnrnnegate the benefits of refinancing. However, homeowners rnrncan still apply for a refinance because there are some rnrnFHA and Fannie Mae programs that may accept them. The rnrnonly way to be sure is by approaching a qualified rnrnlender. rnrn2. What is my credit score?rnIf you need good interest rates on your new loan, then rnrnyou must also have a good credit score.rnrn3. What is my purpose for refinancing? rnMany homeowners refinance their mortgage to lower the rnrnamount of their monthly installments. You can use All Western Mortgagernrnloan refinance calculator to find out what rnrnyour new payment will be. On the other hand, some rnrnpeople refinance their loans with higher payments to rnrnreduce its term, so that they can reduce the overall rnrninterest payments and get debt-free faster. rnrn4. How long would I stay in this home?rnIf you don’t plan on staying in your current home for rnrnlong, then refinance doesn’t make sense. rnOnce you ponder on these questions and find the rnrnsatisfactory answer, only then go ahead with a rnrnrefinance. If you are looking for someone to guide you rnrnwith the process, call All Western Mortgage on 702-850-2790 now rnrnfor expert advice. Also, you can use our home refinance rnrncalculator here - rnrnhttp://www.awmlending.com/calculators-refinance.php
- Posted on: 2016-07-15 21:02:42
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- Item ID: 13366571