What are Your Home Refinance Goals?
Before a refinancing homeowner even speaks with a refinance mortgage lender, they should write down the goals hoped to accomplish for their new loan. Now this may sound funny, but once you begin your refinance search, you will most likely encounter mortgage quotes for multiple refinancing options. It is very easy to get lost in the interest rates, discount points, closing costs, and loan terms. Without an initial goal, it can be easy to refinance into a new mortgage that may not be the best fit for your specific circumstances.
For instance, is money tight, and you want to save at least $300 per month with a 30 year fixed rate mortgage. Maybe you want to consolidate all your credit card balances to save $500 per month and shorten the term of your home loan. Or, maybe you want to consolidate that first and second mortgage into one lower fixed rate and save at least $250 per month.
Maybe your refinance goal is unrealistic or maybe you are understating the actual financial benefit for a new mortgage, but it is still important to have an initial goal.
With your refinance goal in mind, next you need to determine what your anticipated timeframe will be for your new home loan. Will you be in your new mortgage for at least five years, ten years, or until the end of the loan?
With these two factors alone (goal and timeframe) you will be well armed to hit your refinance lender for some quotes.
Your refinancing loan professional should be able to quickly check current mortgage programs for your initial goal based upon your pre-qualifying factors. Some refinance lenders will also be able to give you a “breakeven” point in months for your closing costs.
So, if your goal is to save $300 per month refinancing your first mortgage into a 30-Year fixed loan and you plan to stay in your new mortgage for at least 5 years, a bottom-line quote that will save you $325 per month with a breakeven point of 22 months may be just the program you are looking for.
The point is that you will be well informed at the beginning of your refinancing process and be able to skip to the bottom-line to determine your desired benefit for your timeframe.
If you are considering a home mortgage refinance now and need some help, have questions, or need some competitive refinance rate quotes, please check out the popular Refinance Tool Box. Just give a call at 888-850-9888 or fill out a Rate Quote Request online for professional assistance without the aggressive high-pressure sales tactics.
May the Mortgage Refinance Rates be with You!
Refinance Tool Box
For instance, is money tight, and you want to save at least $300 per month with a 30 year fixed rate mortgage. Maybe you want to consolidate all your credit card balances to save $500 per month and shorten the term of your home loan. Or, maybe you want to consolidate that first and second mortgage into one lower fixed rate and save at least $250 per month.
Maybe your refinance goal is unrealistic or maybe you are understating the actual financial benefit for a new mortgage, but it is still important to have an initial goal.
With your refinance goal in mind, next you need to determine what your anticipated timeframe will be for your new home loan. Will you be in your new mortgage for at least five years, ten years, or until the end of the loan?
With these two factors alone (goal and timeframe) you will be well armed to hit your refinance lender for some quotes.
Your refinancing loan professional should be able to quickly check current mortgage programs for your initial goal based upon your pre-qualifying factors. Some refinance lenders will also be able to give you a “breakeven” point in months for your closing costs.
So, if your goal is to save $300 per month refinancing your first mortgage into a 30-Year fixed loan and you plan to stay in your new mortgage for at least 5 years, a bottom-line quote that will save you $325 per month with a breakeven point of 22 months may be just the program you are looking for.
The point is that you will be well informed at the beginning of your refinancing process and be able to skip to the bottom-line to determine your desired benefit for your timeframe.
If you are considering a home mortgage refinance now and need some help, have questions, or need some competitive refinance rate quotes, please check out the popular Refinance Tool Box. Just give a call at 888-850-9888 or fill out a Rate Quote Request online for professional assistance without the aggressive high-pressure sales tactics.
May the Mortgage Refinance Rates be with You!
Refinance Tool Box
Labels: business, closing costs, finance, money, mortgage rates, refinance, refinance rates, refinancing
posted by Jim Bisnett at
11:38 AM
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