Is Refinancing Your Home the Best Choice for You

Refinancing your mortgage can be an excellent way to save money on your home purchase. However, is it the right choice for you? Here is some information to help you understand what a refinance is and if it makes sense for your current situation.

How does refinancing work?

If you choose to refinance your home, you’ll get a new mortgage to pay off your existing one. Therefore, refinancing essentially works the same as obtaining a mortgage to purchase a home. Like buying a home, there will be a closing and paperwork. Refinancing isn’t exactly a short process though, as most refinancing takes anywhere from 30-60 days to complete.

Is Refinancing Right For Me?

Several different factors can make you a good candidate for refinancing. However, the most common factor that homeowners look at is their interest rate. If your current mortgage came with a significantly higher interest rate than one you can get today, it is probably in your best interest to refinance. Lowering that percentage by just 1-2% could save you thousands. However, keep in mind that you’ll still have to pay closing costs and fees to complete the process. If you can get a lower interest rate and can afford the closing costs, you may want to consider refinancing.

Getting a Real Estate Attorney to Help with a Home Refinance

If you plan on refinancing your home, the best thing to do is to consult a real estate attorney. A real estate lawyer can help you with many aspects of the transaction. They can also answer any questions you have throughout the process. Your real estate attorney will also conduct the closing and ensure you have all the necessary legal documents.

If you’re ready to refinance your home, then give us a call!