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Have You Considered Refinancing Your Home Mortgage?

Have You Considered Refinancing Your Home Mortgage?

Find out what factors may help you save on your monthly mortgage costs.

Mortgage Refinance Tips

The changing interest rate environment has enabled many homeowners to reduce their monthly mortgage payments by hundreds of dollars.  For others it has prompted them to consider a different type of mortgage to match their lifestyle. While many have already taken advantage of lower interest rates or shorter terms, the time is still right to have your mortgage options reviewed.

Should you refinance your home mortgage?

Housing costs are one of the largest components of most household budgets. With interest rates changing so frequently, you should periodically determine whether refinancing at current interest rates is right for you or if a different term would help you achieve your financial plan.
To determine whether you should consider refinancing, you need to compare the costs of obtaining a new mortgage with the potential savings. You may also want to consider refinancing to a different type of mortgage, such as switching from a 5 year arm to a 15 year fixed rate mortgage.
There are helpful mortgage refinancing calculators found on our own website that can assist you; however, to get the most accurate information tailored to your needs, we recommend a mortgage review with one of our Mortgage experts.

Other considerations

When reviewing the feasibility of refinancing, you may also wish to consider refinancing a larger or smaller amount than the current balance of your mortgage. If you have excess funds available and believe you will have a hard time earning a return greater than the mortgage rate, you may want to pay down your mortgage and get a new mortgage that is smaller. If you have other liquidity needs, such as upcoming education expenses, weddings, or remodeling you may want to refinance a larger amount to free up some of the equity in your home.
Remember that mortgage interest is tax deductible in many cases. Consult your tax advisor to see how this may apply to your situation.

Final thoughts

No interest rate environment lasts forever and there is no crystal ball that will tell you when rates have reached their lowest level. Taking action now to evaluate whether refinancing now makes economic sense and evaluating the type of mortgage you want, can help you be in control of one of your largest household expenses. We’re here to help and invite you to contact us to get started. 

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