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Is Home Mortgage Refinancing Right for You?

Last updated 7 years ago

Home refinancing may be the right move for many different homeowners; from those who simply want to save money to those who want to hold onto their homes. 

Here’s a few reasons why:

 Avoiding Foreclosure

Whether you bought your home while you still had good credit or accepted the terms of a subprime loan (more on those later), sometimes all that’s standing between you and foreclosure is a few hundred bucks a month.  If refinancing your mortgage means that you can decrease your payment enough to keep your house, then you should definitely get in contact with a private home lender to see if you can work something out.

Renegotiating Your Future

For borrowers with good credit, home refinancing can save a lot of money.  The thing to remember, however, is that refinancing your mortgage to save money only works as a long-term investment.  Because you have to pay closing costs on your new home loan, you have to make sure that you’re in the house long enough for your monthly savings to more than make up the closing costs.  In addition, if you were forced to accept a subprime loan when you bought your residence, then you should look into refinancing your mortgage if your credit score has gotten better over the years.  If you think home refinancing is for you, then start putting aside money for the closing costs.  Your lender will expect that cash as soon as you sign on the dotted line.

 Making Just One Payment

Most Americans carry a lot of debt: car loans, student loans, second mortgages, credit card bills. But refinancing your home mortgage can bundle all of those debts into one “package.” You’d only have to pay one lump sum each month, and because you’d be paying interest on one loan at one fixed rate, you could save a bundle.  Plus, you’d never have to worry about an interest-rate spike on your credit card debt again.

 If you want to learn more about renegotiating your home mortgage, then get in touch with Nelson Sousa.  A private home lender, Nelson Sousa can help with home refinance, second mortgages, and offer assistance to first time home buyers in the bargain.  For more information, visit his website or call (800)360-8314 today.


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