Should I Refinance My Mortgage

A common question we get asked is, "Should I refinance My Mortgage?"

Should I Refinance My Mortgage?

When asked Should I refinance my mortgage, we can only provide the facts.

Refinancing your home mortgage can a cost-saving step, but not in every situation. Things to consider is there are costs related with most refinances, and getting a lower interest rate can sometimes be more costly than staying on your current loan. In addition, sifting through all those mortgage lender deals can be a time consuming and often tedious process. 

Top 3 Questions to ask

When you refinance your home mortgage, you end up paying off the original mortgage loan and replacing it with a new home loan. Your new terms and interest rate on your loan may be different, so it’s important to ask the right questions. 

  1. What is my current interest rate and what will my new rate be?
  2. Purpose of the Refinance, is it worth the trouble? 
  3. Is your financial situation good and credit score high enough to secure a lower and more competitive rate? 

Consider the following pre-qualification factors. These are the questions to ask yourself and your loan officer. 

  1. What is My Current Interest Rate and what will my new rate be?
    If you can get into a lower rate mortgage, then a refinance is worth looking into. That said, consider how long it will take you to recover the closing costs.   
  2. What is the purpose of the loan?  Refinancing can often re-extend your term, but it might be worth it if you are consolidating debt, renovating your property, or paying off your car. Are you benefiting from consolidating debt or saving money?
  3. Is my credit high enough and my financial situation stable to secure a new loan? When you refinance, there are credit pulls and your financial situation is assessed. Are you able to go through the process and end off in a better loan than when you last refinanced.  

If these questions are answered in a thoughtful way, you should then speak to a local loan officer to explore your options .

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  • We are a newly-wed couple that needed to find a home in our price range in the Valley. We came across IEI Realty on social media, they are hip, involved and connected to their clients. The reason we worked with them is because they broke down all barriers and just talked to us and made sure we didn’t over-extend ourselves. Their CEO Alen is the most charismatic person we have ever met! Talk to him and see for yourself. They not only made the process fun and engaging, I was getting updated on the process daily. Their agents ensured us to always keep us looped in via text, email and made us feel fully connected without having to “schedule meetings” for things that can be communicated remotely. The process was very efficient, it didn’t add to the stress of looking for a place and having to compete with others in a sellers market. They handled both the mortgage and realty combined into one, so it was a fully streamlined process.

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  • It is so refreshing to have to deal with a mortgage finance lender that doesn’t complicate your life. They are truly truly amazing at what they do. Customer service is at the fore-front, they always answer the phone and they engage you regularly. Nothing left to mystery. I was able to refinance in a reasonable amount of time without the hassle of guessing where I was at in the process.

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    Refinance

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