Should You Refinance Your Mortgage?

Refinancing your mortgage can lead to benefits such as: a shorter mortgage term, lower interest rates, and lower monthly payments. It definitely sounds appealing. With low mortgage market rates, it’s no wonder many people are looking into refinancing.

What is Refinancing?

Refinancing a mortgage is basically taking out another mortgage loan to pay off your existing one. With the hopes of getting a lower interest rate, many people have looked into this. With benefits, also come flaws. Additional fees such as appraisal and origination will be tacked on. Be sure that you can cover all of the bells and whistles.

Low Mortgage Markets

Because of today’s low mortgage loan market, lenders are more comfortable in granting you the option to refinance. They figure that if you have solid credit, pay on time and have a steady stream of income, refinancing should not be a problem for you.

Payment History

Lenders consider a lot more than your credit score for refinancing. Your income and past payment history is highly valued now. The process of refinancing options has come a long way since the financial crisis.

Speak With A Lender

For the best assistance, speak to a lender today and have them run you through the whole process. They can answer any questions that you have and will direct you on the right path depending on your financial situation. By giving them any past credit scores and payment histories, you can get an idea of where you stand and what is available out there for you.

Bio: Kuba Jewgieniew, CEO of Realty ONE Group, is a real-estate brokerage that has been listed as one of the fastest-growing companies by INC. 500 for six consecutive years.