Refinance Your Loan

Should I refinance?

Many factors need to be analyzed to determine if refinancing is right for you.  The old 'rule of thumb' was to refinance once the proposed new interest rate was 2% lower than your existing rate.  Yet, as with most things, life has become more complicated.  Among the factors I analyze are the intended time you expect to stay in your home, your current loan (type and interest rate), your present equity position and your financial goals.  I am always happy to provide a complimentary mortgage analysis addressing your specific circumstances.

​What costs should I expect?

In most cases, the closing costs associated with refinancing can be included in the new mortgage, resulting in little to no money out of pocket. With a traditional refinance, you should expect the upfront cost of an appraisal to determine the current market value of your property.

Do I need to refinance my mortgage to access my home's equity?

Not necessarily.  Taking out a Home Equity Line of Credit (HELOC) is a great way to access the equity in your home without having to change your existing primary mortgage.  Often times the closing costs for a HELOC are less than they would be for a full refinance.  If you're one of the many homeowners currently enjoying a low interest rate on your mortgage, a HELOC could be a solution for your money needs.  Of course, we always evaluate the entirety of your financial situation and review every available option before deciding on the best course of action for you.