Does Home Refinancing Make Sense for You?

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Refinancing a home mortgage is a big decision. Your situation and needs change so should your mortgage. Current market conditions have brought low rates and increasing home values so the time to evaluate your options is here.

If you have an FHA mortgage, which you entered into before January 2015, then you may want to take advantage of a new reduction in the mortgage insurance premium. This has opened the door to refinancing your mortgage using a streamline option which can allow a reduction with no appraisal or income qualification. Some restriction apply but the reduction can save you money on your monthly payment.

How do you decide if refinancing makes sense for you? Ask yourself these questions:

• Are you in an adjustable rate mortgage?
• Do you have mortgage insurance added to your monthly payment?
• Are the current mortgage rates at least .75 to 1% lower than your current rate?
• Do you need cash out for other financial opportunities or to pay debt?
• Does the cost of refinancing divided by the monthly payment savings equate to a reasonable term for recapturing your fees?

If you answered “Yes” to any of the above questions, then you may want to explore refinancing and the savings that may apply to your specific circumstances. A mortgage professional can find the right refinancing solutions for you.

About the Author..

Toni F. Ryan | NMLS#230507

Senior Loan Officer | Synergy One Lending

Toni F. Ryan has over 20 years experience in mortgage lending - both on the wholesale and retail levels. She believes that education is key to making the best decision for YOU! She shares her insight into the lending world here and encourages your feedback. Don't forget to connect on Facebook!

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