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Dispelling Refinancing Myths

3/31/2021

4 Comments

 
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“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run.
YOU’RE NOT TOO LATE.
For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.
IT’S NOT TOO TIME CONSUMING.
Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?
​ARMS CAN BE REFINANCED, TOO.
Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The longer you’re planning to stay in the home, the more sense it makes to look into refinancing.

4 Comments
John Carston link
12/2/2021 09:26:50 pm

It helped when you mentioned that you should consider refinancing if your mortgage interest rate is higher than the market rate. My cousin mentioned to me last night that he is planning to refinance their home due to financial adjustments and asked if I have any idea what is the best option to do. Thanks to this informative article and I'll be sure to tell him that he can consult a trusted refinancing home mortgage company as they can answer all his inquiries.

Reply
John link
3/4/2022 09:09:50 pm

It's great that you elaborated on the importance of hiring a professional that will legally help you. My cousin mentioned to me last night that he is planning to refinance their home due to financial adjustments and asked if I have any idea what is the best option to do. Thanks to this informative article and I'll be sure to tell him that he can consult a trusted loan refinances service as they can answer all his inquiries.

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mortgage frequently asked questions link
4/11/2022 01:26:35 pm

Thanks for sharing such an amazing blog. I must say you are doing a great job. Keep doing such hard work. Your blogs are very informative. Keep posting! Good Luck with your upcoming updates.

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Victoria Addington link
4/21/2022 01:26:35 am

I was captured when you discussed that you should consider refinancing if your mortgage interest rate is above 1% greater than the current market rate. My friend is planning to avail a home refinance loan. I think he should look for a firm that offers the highest quality home loans.

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    Owners Jorge Aldrete & Josh Bibler 
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ELITE FINANCING GROUP
301 dENALI pASS uNIT #1
CEDAR PARK TEXAS 78613
NMLS 212369 - cEDAR pARK

ELITE FINANCING GROUP
814 W NORTH LOOP UNIT B
AUSTIN TEXAS 78756
NMLS 2377386 - AUSTIN
ELITE FINANCING GROUP
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THE COLONY, TEXAS 75056
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