Weighing the Options of Refinancing

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Some have said that only in the case your new interest will be at least 2 points lower, should you refinance your mortgage. Maybe that was sound advice several years ago, but as refinance costs have been getting lower, it may be time to look into it. A refinance is often worth its cost several times over, considering the advantages that may come, as well as a reduced interest rate.


You might be able to lower your interest rate (sometimes by a lot) and make smaller mortgage payments with a refinanced mortgage. Additionally, you could be given the option of tapping into your home equity by "cashing out" some funds to remodel your home, consolidate debt, or take your family on a vacation. You could have the option to refinance into a shorter-term mortgage, giving you the ability to add to your home equity faster.

Expenses and Fees

Of course, you will have to pay for your process of refinancing. With your refinance, you are paying for basically the same things you were charged for during your existing mortgage loan. Among these will be settlement costs, appraisal fees, lender's title insurance, underwriting fees, and so on.

Do the Math

You could need to pay discount points (prepaid interest) to attain a lower interest rate. If you pay (on average) 3% of the loan amount at the start, your savings for the term of the refinanced mortgage can be great. You may have heard that the points can be tax deductible, but since tax regulations can be difficult to keep up with, please consult with your tax professional before making any decisions based on this.

One more expense that a borrower might take into account is that a lower interest rate will reduce the interest amount you will be able to deduct from your taxes. We can help you do the math! Call us at (904) 342-3622.

Ultimately, for most people the total of initial costs to refinance will be made up soon in monthly savings. We'll work with you to figure out what mortgage loan program is perfect for you, taking into account your cash on hand, the likelihood of selling your home in the next few years, and what effect refinancing will probably have on your taxes. Call us at (904) 342-3622 to get started.

Curious about refinancing your home? Give us a call at (904) 342-3622.

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