3 Things You Must Know Before You Start A Mortgage Refinance

Dated: July 20 2021

Views: 73

Maxus Realty Group Agents are local specialists with knowledge to help you buy and sell the right home, at the right price.

We are passionate about you as a client, we will always protect your best interests just because it's the only way we do business day in and day out.

Today, we'll talk about 3 Things You Must Know Before You Start A Mortgage Refinance

#1 A Mortgage Refinance Can Lengthen Your Payoff Time

 As soon as you start with your new refi loan, you'll have a new 30-year mortgage that resets your old loan back to thirty years.

You must consider this when making a decision based on your actual loan period.   

#2 A Refinance Can Have High Closing Costs

The closing costs of a mortgage refinance is what you pay to the bank for doing it. Some of these costs are inconsequential. Even if your bank claims that  it will pay your closing costs on your behalf...you will be paying it in the form of a higher interest rate. 

No one will lend you money for free.

 

#3 Do the Math

Yes, I know, the interest rates are historically low, are they  low enough to make it worthwhile for you? 

If you’ve just refinanced your home in the last few years,

the difference of lower interest rates might not be significant enough to make sense for you. 

The rule of thumb is that interest rates should be a full percentage point lower than your current rate to make any significant  difference. 

If you have questions, I have the answers, 

Please call me if you have specific concerns about refinancing

Our commitment as your real estate professional is to help you find your dream home at the right timing for you.

It's the biggest purchase of your life, and can assure you that even small mistakes can be costly.  BEWARE, technology changes almost daily and I can help you pinpoint all the homes for sale near your location points. I have access to over 18 million properties from hundreds of locations, including Government  properties, action homes, VA homes, HUD Properties and all available private houses for sale in between.

Please call us to get started

Fernando Herboso Broker 301-246-0001

Blog author image

Fernando Herboso

Fernando Herboso: Honesty and integrity, along with determination and dedication, are philosophies that Fernando strives for in all aspects of his life. Applying these principles to his business, has....

Latest Blog Posts

The 5 Phases of a Foreclosure

Maxus Realty Group Agents are local specialists with knowledge to help you buy and sell the right home, at the right price.We are passionate about you as a client, we will always protect your best

Read More

Getting Your House Ready To Sell

Maxus Realty Group Agents are local specialists with knowledge to help you buy and sell the right home, at the right price.We are passionate about you as a client, we will always protect your best

Read More

5 tips for buying a home in a seller’s housing market

Maxus Realty Group Agents are local specialists with knowledge to help you buy and sell the right home, at the right price.We are passionate about you as a client, we will always protect your best

Read More

5 Creative Ways To Buy a Home...

Maxus Realty Group Agents are local specialists with knowledge to help you buy and sell the right home, at the right price.We are passionate about you as a client, we will always protect your best

Read More