We often hear in the news that mortgage rates are low or that a refinancing boom is happening, but how can you know when is the right time to refinance for you and your family? We are here to help! Even when rates are low or going down it may not be the best time for you to refinance.

There are numerous factors that play a part in whether refinancing now is a good idea or not. We can walk you through the decision making process and crunch the numbers for you. We will look at factors such as how long you plan to own the property, your current interest rate, taxes, and loan balance. We will look at how long ago your current mortgage closed and whether you have refinanced it before. We will look at how much your home may be presently worth and what taxes and/or insurance are included in your monthly payments. Once we know this information we can crunch the numbers and help you decide whether the costs to close a refinance are justified by the savings you will enjoy with a lower rate. If refinancing doesn’t make sense for you now, it could in the future when rates reach a different level. If you would like we can let you know when it may be a good idea to crunch the number again. 

We have a short list of questions that we ask clients to help determine if refinancing now is the best decision. If it’s not the right time, we will be the first to tell you. We’d like to keep you as a customer for life and honestly helping you make the right decision is the best way for us to do that. We respect your time and effort and hope that you will count on us as a trusted advisor to make sure a refinance will be to your short and long term benefit.

What can you do? If you would like to know whether now is the right time to refinance give us a call. Before calling make sure you have your latest mortgage statement(s) handy for any first and second mortgages you have on your home so you can answer some questions that will help us give you the best advice.