When is it time to refinance or “refi” your home?

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First, you should consider the purpose of your refinance.

Do you want to lower your monthly mortgage payment? This would be considered a “rate reduction refinance.”

You should weigh the cost of the refinance to the savings you’ll get by lowering your interest rate. Another consideration will be how long will it take to re-coop the costs to refi, and how long do you anticipate living in the home? Weigh these two factors when making your decision to refinance. If you re-coop your costs within 12 months and plan on living in the house for longer than 12 months, it would make good sense to refi.

Do you want to pull cash from the equity in your home?

With a cash-out refinance, you can pull up to 80% of the equity from your home for any reason. A few good examples would be:

Pay down consumer debt, credit cards, education loans, auto, boat, RV, or even home equity loans. You can pull cash to make home improvements; new roof, windows, driveway, or any improvements you want to make. You can also pull equity from your home to take that vacation you have always wanted. You can pull cash for any reason at all.

Regardless of the reason, you will want to refinance most of your costs to your home loan so it can be put into your new loan. Doing this will substantially lower your out of pocket costs.

Give us a call for your free consultation. Always Available, Day or Night, Weekdays or Weekends.

Call: (517) 304-3669, or visit: www.concordmortgageinc.com

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