Refinancing occurs under many circumstances. From saving money on a lower interest rate, stretching out a loan term, or switching to a fixed-rate loan, refinancing is an attractive option for many home owners.
The steps and procedures in order to refinance can be overwhelming, so Integrity Financial Services has compiled several tips in order to provide insight to successful refinancing!
Quick Hits on Refinancing:
- Clearly define your reasons for refinancing
- The terms of your mortgage will depend on these specific aims.
- Set targets for interest rates and monthly payments.
- Good companies, like Integrity Financial, provide mortgage calculators to help you in this process.
- Check your credit rating.
- Determine changes in property value.
- Too low a drop in value can make refinancing difficult.
- Ask lenders for full disclosure of points, closing costs, and other fees.
- Check for any prepayment penalties in the refinance mortgage.
Understanding your needs for refinancing is extremely important. Integrity Financial Services takes pride in advising our borrowers of their refinance options and whether if it is financially sound to do so. Visit https://www.integrityfinancialservices.com/refinance.php for more helpful information, or speak to one of our specialists today and gain all of the facts before refinancing.