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Refinancing Your Home - Is the Time Right?
Refinancing your home is a major decision not to be taken
lightly, even in this era of low interest rates and easy money.
While every mortgage company in town is touting the strategy of
getting a new loan before rates rise again, there are several
things you'll want to be mindful of before you go about
refinancing your home.
In my view the key to refinancing your home isn't just the
rate they're offering you: it's the total package looked at not
only in terms of today, but a few years down the road. Many
people have taken out new loans that really weren't quite right
for their long term situations, thinking they'd be able to
refinance again in the not-too-distant future. That may or may
not prove to be true. No one has a crystal ball that'll give you
a definitive idea of just where rates will be even a year from
now, so try to approach this with a somewhat more long-termed
view. It's very easy to get tempted by the prospect of easy, fast
cash, but in the end you end up giving it all back in terms of
higher payments, and worst case, be unable to make your payments
and lose your home. Just look at all the costs associated with
this new loan, determine what the payments will be in 2, 5 and 10
years, or whatever your timeline is, and make an informed
decision unfettered by a mortgage broker's "opinion" what's
"best" for you. They have a vested interest in getting you into a
loan, any loan, and WILL NOT, repeat, WILL NOT, have your best
interests at heart when you go about refinancing your home.
Some things to consider when refinancing your home would be
the type of loan,(fixed,ARM, etc.) the rate, the term, the costs
associated with the loan, any cash equity you'd like to take out,
and the time and documentation necessary for refinancing your
home. This is a wildly competitive market, and please do yourself
a favor and shop around. The same loan one lender will offer you
can vary greatly from another just down the street as far as
total costs go. Don't be afraid to say no: they're not doing you
a favor by "giving" you this loan. They're reaping many thousands
of your dollars in interest, so make sure you get what you want,
not what they want to sell you. Remember, you're refinancing your
home, not their summer vacation!
All in all, when refinancing your home, take your time. Shop
around, compare, and you are the customer, and what was that they
say about the customer always being right? You are, as long as
you do your homework when refinancing your home.
Keith Thompson is a real estate investor and webmaster at
Mortgage Loans Today
where you can find more information and resources for refinancing
your home
 MORE RESOURCES updated Thu. September / 09 / 2010
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