Weighing the Options of Refinancing

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Some have said that only if your new interest will be at least 2 points lower, should you refinance your mortgage. That might have been valid years ago, but with refinancing dropping in cost recently, it's never the wrong time to think about a new mortgage! Refinancing has various benefits that often make it worth the initial expenditure a few times over.


You may be able to bring down your interest rate (sometimes significantly) and make smaller mortgage payments with your refinanced mortgage loan. You could also have the option to "cash out" a portion of your equity, that you will be able use to take care of higher interest debt, add on to your home, or take a vacation. With reduced interest rates, you may also get the chance to build your home equity more quickly by moving to a shorter-term mortgage.

Fees and Expenses

All of these advantages do come with some expense, though. When you refinance, you are paying for a lot of the same things you were charged for at the time you got your existing mortgage loan. Included in your costs will probably be an appraisal, underwriting fees, lender's title insurance, settlement costs, and other fees.

Do the Math

You might think about paying points to receive a better interest rate. If you pay (on average) 3% of the loan amount at the start, your savings for the life of the refinanced loan can be significant. You may be told that the points can be deducted on your income taxes, but because tax regulations are difficult to keep up with, please consult your tax professional before depending on this.

Speaking of taxes, once you reduce your interest rate, it follows that you will also be reducing the paid interest amount that you'll be able to deduct on your federal income taxes. This is one more cost that some borrowers take into account. We can help you do the math! Call us at 7862626486.

Most people find that the monthly savings outweigh the up-front expenses of refinancing. We can help you find out what your options are, considering the effect a refinance might have on your taxes, whether you are likely to sell your home in the next couple of years, and your available cash. Call us at 7862626486 to get you started.

Curious about refinancing your home? Give us a call at 7862626486.

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Great Florida Lending, Inc

2828 Coral Way, Ste. 470
Miami, FL 33145