Bob Ramalho

Berkshire Hathaway - Verani Realty

  • Home
  • About
  • Video Library
  • Info
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
  • Property Search
  • Reviews
  • Blog
  • Contact

Bob Ramalho November 2, 2016

The Major Keys to Understanding When It’s Time to Refinance Your Mortgage

The Major Keys to Understanding When It's Time to Refinance Your MortgageAs a homeowner, you may have heard the term re-financing without being aware of exactly what it means, but there are a lot of pros and cons associated with what it can do for your financial situation. While getting a different new loan for your mortgage can be a good financial decision in certain situations, here are some things you should consider before you decide that this is the right choice for you.

Getting A Lower Rate

One of the main reasons that re-financing can be a popular option for many homeowners is that it can provide the opportunity for considerable money savings. Since you will be acquiring a new loan with a lower interest rate, this will be an opportunity to reduce your monthly payments, increase your equity at a faster rate and invest the extra funds into something else. While a lower rate can definitely mean money savings, it’s important to consult with a mortgage professional so you’re aware of any associated fees and can make a decision that will be financially beneficial.

Consolidating Your Debt

It is often the case that people will choose to refinance their mortgage with a lower-interest rate in the hopes of paying off the debt they’ve accumulated, but with the cost of refinancing this is not necessarily the best financial decision. While consolidating debt can be great if you go into it with a budget that you plan on sticking too, if you’re leaning too much on the idea of a lower interest rate meaning instant savings, it may be a good idea to take a look at the numbers.

Investing In Your Home

For many people, re-financing their mortgage is a good opportunity to renovate their home and increase its value. However, while renovating your home can be a good idea for resale, there are many home renovations that will not necessarily increase the value of your home and make up for the amount you’ve invested. If you’re making forward-thinking renovations, refinancing is one thing, but ensure you’ve seriously considered what will add value.

There can be a number of financial benefits when it comes to refinancing your mortgage, but it’s important to work out your tentative budget and crunch the numbers before you make a final decision. If you’re currently looking into re-financing your home and are curious about what it entails, contact your local real estate professional for more information.

Filed Under: Home Mortgage Tips Tagged With: Home Mortgage Tips, Mortgage, Mortgage Refinancing

Bob

Bob Ramalho


REALTOR ®
Cell: 603-440-3697
Office: 800-392-2377
Email: bob.ramalho@verani.com
NH License #067453
MA License #9550545

Logo
Verani Realty: (800) 392-2377

View My Recommendations

Sign Up For My FREE Newsletter!

Connect with Me!

How can I help?

  • This field is for validation purposes and should be left unchanged.

Recent Articles

  • Evaluating Neighborhoods: 4 Things to Consider Before Purchasing a Home
  • Suffering in a ‘Low Inventory’ Real Estate Market? 3 Helpful Tips for Finding a Home to Buy
  • Should Your First Home Be A Starter Home Or Forever Home?
  • What’s Ahead For Mortgage Rates This Week – May 16, 2022
  • Getting to Know the Neighbors: 3 Tips for Building Good Relationships
  • Manufactured, Mobile, And Modular Homes: What Are The Differences
©2020 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.®

Looking For Something?

Our Location

Berkshire Hathaway HomeServices Verani Realty
One Verani Way
Londonderry, NH 03053

Return to top of page

Copyright © 2022 Bob Ramalho. All rights reserved.   Log In