Should I refinance my South Windsor mortgage loan? There are many reasons that South Windsor home owners refinance. It may be to obtain a lower more favorable interest rate. They may refinance to withdraw cash from the equity they have in their home. It may be to obtain a shorter term on their mortgage to pay off their mortgage more quickly. It may be a combination of these reasons.
If you are wondering should I refinance my mortgage loan, there are several things you need to consider.
Have the interest rates dropped since you obtained your mortgage enough that you will be able to "profit" from the reduced rates available today? Will you remain in your South Windsor home or keep your current loan long enough to save more than it cost upfront to refinance?
What type of loan do you currently have and what type of loan are you looking to obtain. Maybe you currently have an adjustable and want the safety of a fixed rate since you plan on staying on your current South Windsor home for a long time. Maybe you are thinking of renting out your home in the future. The answer to should I refinance my mortgage loan is not always a simple one and should be discussed with a lending professional.
Are you looking to obtain cash for some of the equity in your South Windsor home? Do you want to make home improvements? Consolidate debt? Pay for a large purchase like college, a vacation home? Should I refinance my mortgage loan, often it is less expensive to refinance your loan to obtain the cash from your equity.
Just as with any mortgage loan there are closing fees on a refinance mortgage loan. If your goal is to save money monthly then the answer to should I refinance my South Windsor mortgage loan is yes if you save money. If it is to change to a different loan, or to cash out equity then the answer is going to come from how important that goal is to the fees associated with achieving it. Mortgages that are advertised is no-cost or low-cost have closing fees, they are just not called closing fees. You will pay a higher interest rate than you would if you had paid regular closing fees. That is often counterproductive if your goal is to lower your interest rate. A common concern refinancing is that "I don't have the money for any fees". Most refinance mortgage loans the borrower includes the fees into their loan amount and often do not need any money at closing.
Should I refinance my South Windsor mortgage loan? Let's discuss your situation, your goals and find out if it is the right decision to refinance.
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As quoted in the New York Times "A Little-Known Loan Program", and in the Hartford Courant "Moving In:Couple Combining Households Buys In Newington" and "Moving In... New Britain"