Refinancing
 
Historical low interest rates ensure there’s never been better time to refinance your existing mortgage.
 
Things to think about:
How long will it take to breakeven on a mortgage refinance? That depends on a multitude of factors including your current interest rate, the new potential rate, closing costs and how long you plan to stay in your home.
 
Refinance Expenses?
 
The typical costs associated with refinancing differ from that of a purchase loan and should include:
  • Underwriting fee, Title Insurance (Reissue Rate), Title Fees, Recording Fees, Tax/Flood Certificate, Appraisal Fee.
  • Other Fees/Costs may be included and will depend on lender and program
  • Escrows/Prepaids will be required for loans to value ratios 80% or higher.
  • Escrow Waivers are available for those who qualify and may impact the interest rate for which you qualify.
 
Will Paying Points Affect My Rate?
When home owners make the decision to refinance their home loan they must decide which interest rate will work best for their situation. There is typically a range of interest rates at different amounts of points. Remember, a point is equal to one percent of the loan amount. When you work with you your home loan representative you will be able to analyze the different interest rates and related points, which can save you money. Some combinations of interest rates and points may cause your monthly payment to increase though. Be sure to discuss all options with you home loan advisor before making a decision.
 
 
 
 
 
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