Mortgage Refinance


Why should you refinance your mortgage? The lower the interest rate is, the less that it will cost you to borrow the money. As a general rule, if the interest rate is 1 1/2 points lower than what you are currently paying, it's time to refinance your mortgage!

Something that you need to consider before refinancing is the length of time that you plan to own your home. You want to be certain that the cost to refinance will be recovered over the remaining term of the loan; this meaning, the remaining number of years you intend to own the property.

Although your monthly savings may be substantial, you will be required to pay some closing costs. Usually you can count on up to 1-2% of the new loan amount in closing fees in addition to title insurance. You may want to ask your lender to estimate your closing costs for you. To justify refinancing, your closing costs must be recovered over the life of the new loan. By dividing the closing cost by the number of months you plan to own your residence and add the result to the new monthly principal and interest payment, you will be able to determine if you "break even". If the resulting amount is less than your current mortgage payment, it is time for you to refinance your mortgage.

Ask one of our loan consultants to compare your expenses for various loan programs. In most cases you will be eligible for differing loan programs so make sure you consider all of your options before making a choice.

If you would like to get he 'absolute' lowest rate possible, we can help. Through our years of working within the real estate and mortgage industries we have established great working relationships with  many mortgage brokers across the U.S. and we know how to get you the lowest mortgage quote possible, quickly and easily and best of all... there is never a charge for helping you find the right loan company at the right rate for you.

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