Questions to Ask before you Refinance your Mortgage

15/07/2016 Financial & Legal Services

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Refinancing your mortgage simply means replacing your current home loan with a new one at better rates and terms. But before you take a leap and opt for refinancing your mortgage, do two things. First, use All Western Mortgage, mortgage refinance calculator to figure out how much you will save and second, ask yourself the following questions: How much equity do I have in my home? In order to qualify for a new loan, you must have at least 20% equity in your home otherwise you’ll have to pay for a private mortgage insurance and that will negate the benefits of refinancing. However, homeowners can still apply for a refinance because there are some FHA and Fannie Mae programs that may accept them. The only way to be sure is by approaching a qualified lender. 2.    What is my credit score? If you need good interest rates on your new loan, then you must also have a good credit score. 3.    What is my purpose for refinancing?Many homeowners refinance their mortgage to lower the amount of their monthly installments. You can use All Western Mortgage loan refinance calculator to find out what your new payment will be. On the other hand, some people refinance their loans with higher payments to reduce its term, so that they can reduce the overall interest payments and get debt-free faster. 4.    How long would I stay in this home? If you don’t plan on staying in your current home for long, then refinance doesn’t make sense. Once you ponder on these questions and find the satisfactory answer, only then go ahead with a refinance. If you are looking for someone to guide you with the process, call All Western Mortgage on 702-850-2790 now for expert advice. Also, you can use our home refinance calculator here - http://www.awmlending.com/calculators-refinance.php

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