You may be hearing a lot from mortgage companies about refinancing your home, but is it a good idea? If so, when is the right time for you to do it?
We have heard these questions a lot over the years from a ton of different clients. So, we created this guide to help you decided when it is a good time to refinance your home in Auburn.
Knowing the Timing
There are specific situations where it makes sense to refinance your Auburn home. If you’re wanting to pay off your loan more quickly, for example, it is appropriate to look into your home refinancing options.
If you want to convert your mortgage from a adjustable rate to a fixed-rate mortgage you’ll need to refinance your home.
If you need to consolidate your debt, refinancing can also be something to consider. Also, if you need to use your previously accrued equity, it could be time to refinance your mortgage.
Your credit score will also play a big role in whether or not you should refinance. If you have a lower credit score, it may be tough to qualify to refinance the mortgage on your Auburn home. You’ll really have to weigh the pros and cons when you’re making your home refinance but at JTS & Co. we are here to assist you in those type of decisions.
Consider the Rates
Some people believe that if the current rates are lower than what they’re paying by at least one percent, it’s time to refinance, but that’s not always true.
No matter what, you’ll need to check the difference between the equity in your home and what you still owe, to see if it would even be worth refinancing your home. Furthermore, refinancing can cost money in and of itself, so you’ll have to carefully weigh the pros and cons when you’re making a mortgage refinancing decision.
You can also try and use a mortgage calculator to help you decide if refinancing your home in Auburn would be practical given the current rates. You could also get the advice from JTS & Co. Mortgage Professionals who can give you their expert opinion on whether or not a refinance is in your best interest.
Basically, you’ll have to pay close attention to the market when you’re considering refinancing your home since rates can fluctuate rapidly. A refinance cost will still require closing cost, so you’ll have to be very intentional about weighing the pros and cons of refinancing for your financial needs.
If you need more help, you can also look into jumbo loans, jumbo mortgage loans, VA loans, and VA home loans so you can figure out your financial needs.
Refinancing Your Auburn Home
Clearly, it can be tough to make a choice when it comes to deciding to refinance your home in Auburn, but we can help.
Contact us today for all of your Auburn home refinancing and mortgage needs.