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 REFINANCING
YOUR MORTGAGE
Don't
Miss a Great Chance to Refinance!
Shortening
your loan term, lowering your monthly payments, replacing your
adjustable-rate mortgage, consolidating credit card debt, paying
education costs, making home improvements…are all great
reasons to refinance your mortgage now with Best Quotes.
In
the 80's, the rule of thumb was that if you could lower your
mortgage rate by two points, you should refinance. Today, that
advice is considered quick, convenient and often wrong.
Refinancing could represent a golden opportunity to put money
back in your pocket every month…making that old rule of thumb
no longer valid.
First,
because interest rates are lower than they were in the 80's,
refinancing from 7% to 6% gives you the same proportionate
savings as refinancing from 14% to 12%. Also, the costs of
originating a loan have fallen. If you are charged very little
in points or origination fees, then even a tiny reduction in
interest rates warrants refinancing.
One
option is to refinance your 30-year mortgage with a 15-year
mortgage. It's true that the monthly payment on a 15-year loan
is higher than on most other mortgages-it's designed to be paid
off in 15 years rather than 30 years. But if rates have fallen
enough or your income has risen enough since you took out your
original mortgage, the 15-year may now be more affordable for
you.
Of
course, you can also cut your payments by refinancing with a new
30-year loan! Or if you have an ARM loan (adjustable rate
mortgage), you can lock in at today's low interest rates and
avoid the risk of rising rates down the road.
Do
you want to make improvements to your property? Do you have
credit card debt to pay off? Are you buying a business? Do you
need to underwrite your child's college education? Cash-out
refinancing is the answer! If you bought your home with a high
percentage of cash, you can refinance with a larger loan and
walk away from the closing table with a fat check!
Remember…
Best Quotes can refinance your mortgage through a bank that
accepts assignments, so there's no new mortgage tax and your
closing costs stay low.
Don't
pay more than you have to …if you can save thousands and
thousands of dollars, you should refinance immediately and take
advantage of today's rates…they won't last forever.
Find
out now…try our Refinancing Calculator to see if Best Quotes
can put money in your pocket every month.
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