When to Refinance

Home Refinancing When to Refinance

Is it Worth It? Why Even Consider Refinancing?

If you ask ten people if you should refinance, you are going to get ten different answers. Many will say you should only refinance if the interest rate is at least two points lower than your existing one. Most will give you their two cents based solely on their personal refinance experience.

In today’s economy, many factors go into determining whether a refinance makes sense for you or not. Refinancing your loan has a variety of benefits that will often make it worth the initial expenditure. On this page, you will see the most common reason people choose to refinance their homes. 

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(401) 583-4150.

  • Fixed Mortgage Rates

Advantages

Other than qualifying and obtaining your initial home loan, refinancing your home, maybe the largest financial decision you ever make.  There is no question that it is a decision that has both pros and cons, multiple options, and reasons to consider. We want to help bring clarity to this scenario. 

Refinancing your home has several advantages including;

  • Reduce your interest rate
  • Reduce your monthly payment – sometimes considerably
  • Get cash out for home improvement and other aspirations that require cash such as vacations or investments
  • Consolidate
  • Shorten your term

Fees and Expenses

In today’s economy, many factors go into determining whether a refinance makes sense for you or not. Refinancing your loan has a variety of benefits that will often make it worth the initial expenditure. On this page, you will see the most common reason people choose to refinance their homes. 

Do the Math

Calculating whether refinancing your property is a smart financial move or one that should be avoided can be a complicated endeavor. At South County Mortgage we are well versed in the numbers that determine whether or not a loan makes sense. We are happy to assist in helping you make this determination. 

If you feel inclined to do your own homework, consider the following numbers that can reveal whether a loan is a go or no go.

Your Credit Score – A lower score may require you to take action to increase your score, since this is a primary factor in determining the rate you will receive and see if you qualify. 

Your Equity – If you don’t have the required equity to cover the current loan, additional funds you may want to take out and closing costs, you may have to bring more to the closing table. 

Most people find that the monthly savings quickly outweigh the initial cost of a refinance. We can help you explore your options, considering the effect a refinance may have on your taxes, whether you are likely to sell your home in the next couple of years, and your available cash. Call us at (401) 583-4150 to get you started.

SOUTH COUNTY MORTGAGE

With over 20 years of experience, we ensure you get the best service you deserve.

(401) 583-4150