Should You Consider Refinancing?

Has it been one year or more since you bought your home or refinanced? If so, there's a good chance your mortgage rate is more than one percentage point above current rates, which is usually a sign that it's time to refinance. You many benefit from a refinance even if your new rate is less than a full point lower, depending on how long you plan to stay in your home and recoup closing costs. Closing costs for refinancing typically will be 1-2% of your new loan amount, so knowing when you plan to sell your home is essential. 

You could also choose a no-cost refinance in which your mortgage lender pays all of the closing fees, but that would require you to pay a higher interest rate.

Wondering if refinancing is best for you? If so, find out your existing balance and current mortgage rate, then call, email or text me. I will let you know what your new rate would be and help you calculate the break-even point.

Refinancing might be right for you if...

Your rate is 3.5 or higher and you plan to stay in your house for a few more years. 

If you currently have a VA or FHA loan, you can do a ‘streamline’ refinance without a new appraisal and an easier process than usual.

You switch from a 15-year to a 30-year. The payment may be a bit higher, but
the savings will be huge!

Pay off other debts such as credit and car payments; this could really help your monthly cash flow and lower the wealth-sucking effect of the high rates you are paying on credit or car loans.

You're looking to drop PMI off your loan. 

Reach out to see if refinancing might be right for you!

As a mortgage lender since 1992, I've helped hundreds of clients refinance and want to help you consider if refinancing makes sense for your situation. As a West Michigan local lender, we have access to some of the largest wholesale lenders in the U.S. and are committed to providing better service at lower costs.