by: Jess Hall
These days, its hard not to be enticed by the historically low mortgage
refinancing rates. Now could be the perfect time to refinance, but is
refinancing your loan right for you? Here are a few points to take into
consideration if you re thinking about refinancing your home loan.
The Benefits of Refinancing
Beyond potentially saving you thousands of dollars, refinancing your
mortgage can also help you consolidate debt and pay off other bills.
Your life has probably changed from the time you first got your home
loan. Perhaps you got a better paying job or you have a new baby on the
way. You may have new expenses that never existed before, or you may be
making more money than when you started. In many cases, refinancing your
home loan could save you hundreds, or even thousands of dollars money
which could be well spent in other areas of your life. Ideally, your
mortgage should not be costing you above one third of your total gross
income. If you re dealing with a high interest rate, you ve been hit
with an adjustable rate that has skyrocketed, or you ve experienced a
drop in income for whatever reason it s a good idea to consider
refinancing and locking in a better rate.
Working with a Trusted Lender
Working with a trusted lender is one of the best decisions you can make
when you decide to refinance. Trusted lenders, like Aurora Bank (Equal
Housing Lender, member FDIC) for example, understand a multitude of
product options and can explain those options to you as well as the
costs that are involved in the refinancing process.
Know Your Options
There s no shortage of lending companies vying for your business. But it
pays to do your own research as well.Take advantage of online mortgage
calculators and run different scenarios based on your income, property
tax, and extra payments you can afford to make.See exactly how much home
you can afford and create a spectrum of possibilities for refinancing.
Then, speak with a home loan consultant who can help you with your
financing needs.You may be pleasantly surprised at just how much money
you ll save by refinancing at today s low rates. Overall, honest,
exceptional service and a dedication to customer satisfaction are what
make the best mortgage refinancing lenders stand out.
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