refinances
it comes down to dollar and cents
Refinancing your mortgage can be done for a number of reasons. This can allow you to access your home equity through an equity take out or a home equity line of credit. It could also be used to lower your mortgage rate and/or consolidate debt.
RENOVATIONS
investments
debt reduction
return to school
REDUCE PAYMENTS
ask yourself this...
How long do you plan to keep this house?
How much is the mortgage penalty to break the mortgage?
What other costs might you incur for arranging a new mortgage?
Do you need access to the funds now, or later down the line?
Does this make financial sense?
#1 Rule
The most common issue with refinancing is there is not enough equity in the home to refinance. Based on current guidelines, there must be 20% equity remaining in your home.
example
Your house is worth $325,000
Your maximum loan amount would be $260,000
How long do you plan to keep this house?
How much is the mortgage penalty to break the mortgage?
What other costs might you incur for arranging a new mortgage?
Do you need access to the funds now, or later down the line?
Does this make financial sense?
"Michelle helped me finance my new house. She made the process simple and got me the best available rate. She's also responsive and explains things clearly. I'll be using her services next time I move. Thanks so much!"
- PHILLIPE
"Michelle was very knowledgeable and patient with me as a first time home buyer. I had lots of questions and she never made me feel that I was wasting her time. She was also available via text almost always which was very helpful and convenient! It was a great experience!"
