What is the goal? A refinance can offer solutions like lowering your term, lowering your payment, consolidating debt and more.

 

It is our job as trusted mortgage professionals to help you determine if your goals can be achieved by doing a refinance.

Despite what some misleading advertisers might want you to think, refinancing DOES have costs associated with it.  There are still regular closing costs and pre-paids that are charged on the transaction. These costs can be absorbed by a lender credit or by increasing the loan amount but they do still exist and are paid out on every refinance transaction.

 

Our team is very picky about structuring refinances for our clients and we always make sure the client is 100% aware of what is being charged and how it is being paid.

Does it make sense? This comes down to the number or the scenario. We take a deep dive into how far along our client is in the current mortgage and if it’s worth re-starting a new loan and incurring new closing costs.

 

There are other scenarios where refinancing makes sense to remove a borrower from a note or if cash as equity is needed for an emergency. Through a simple cost-benefit analysis, our team is able to determine if it truly makes financial sense.

 Is the timing right? Timing is everything with a refinance.

 

If you know you’re going to move in the next 3 years and the break-even on your refinance is 4 then it would not make financial sense to move forward with a refinance.

 

Sometimes flashy monthly savings distract us from what’s truly the best path for our financial goals.

How do you know when it’s a good idea to refinance?

 

That’s what we're here for! Our team has access to several systems that monitor your current rate as well as your equity position, and we also facilitate yearly mortgage reviews. Through a brief informational interview and mortgage statement analysis, we can typically advise if it’s time to pull the trigger and dial numbers in for a refinance.

 

We are very discerning with refinances and in order to move forward, our team must determine if a refinance will absolutely help you meet your financial goals.