Clients often call me with this question, but of course each case varies significantly as there are many factors to consider. When deciding whether or not to refinance there are two important questions you must ask yourself. Firstly, how soon would you like to realize the savings? Secondly, how much longer do you expect to reside in your current home?
If you decide to refinance but do not keep your home long enough you could lose money. However, if you keep your home beyond the break-even point, which pinpoints the time when your refinance will become profitable, you will likely realize savings. Other factors to consider include your current rate, the time to maturity, existing lenders’ current rates, the amount of equity in your home and the cost of breaking your existing mortgage.
Working with over 30 lenders allows us to access not only the best rates, but also the most appropriate products for each individual refinancing situation. We will show you the best ways to reduce the penalty and structure your refinance in a manner that saves you both time and money, ultimately improving your overall financial portfolio.
Please do not hesitate to contact me with any refinancing or general mortgage inquiries you may have.