At Home Financing Center in Fort Lauderdale, FL, we’re dedicated to using our over thirty years of experience to help you make the best decisions for your financial future. With our refinancing services, we’ll answer your questions, educate you on the home refinancing process, and keep your best interests in mind from start to finish. Learn more about the key factors you should consider before refinancing your home, and contact us today to learn more!
What to Consider Before Refinancing Your Home
What to Consider Before Refinancing Your Home
Current Mortgage Age
If you're several years into your mortgage term, refinancing could mean resetting the clock and ultimately paying more interest over the long haul. On the other hand, if you're still in the early stages, a refinance could potentially save you money in the long term.
Cost of Refinancing
Consider the cost of refinancing. Fees can quickly add up, and it’s important to calculate how long it will take to recoup these costs through lower monthly payments before moving forward. By refinancing and with our help, however, you can achieve a lower interest rate, offsetting these costs and saving you money in the long term.
Current Home Value
If your home's value has significantly increased since you bought it, you may be in a better position to refinance and access more favorable terms. Conversely, if your home's value has decreased, you might not qualify for advantageous rates.
How Long You'll Stay In Your Home
Lastly, think about how long you plan to stay in your current home. If you're looking to move in the near future, the savings from refinancing might not offset the costs incurred. However, if you're in it for the long haul, refinancing could lead to significant savings over time.
It’s important to carefully assess these factors to determine whether refinancing is the right move for your financial situation. But you don’t have to contemplate these factors alone. Reach out to us and let us help you navigate the next steps of your financial journey.