Should I refinance?

Why do you want to refinance? I am a loan officer licensed in Ohio, California, Michigan, and Florida. If you are in any of these states call me and we can talk about it. I will give you a free no obligation analysis specific to your situation. Call me toll free at 888-526-5001 ext 772 or direct at 440-832-7772. My name is Lindsey! Thanks and good luck!

Why? Mortgages are great tools to accomplish financial goals. But you must have goals. Taking money out just to take money is not a good reason. Take cash out to buy more real estate, to implement protection, to pay off high interest non deductible debt IE credit cards, are good reasons. Rates while important are not the only thing to consider, what you want to accomplish is the most important. Find the mortgage that works for you and your financial goals. You may contact me to go over that if you wish, I don't charge for consultations.

It depends on your reason to refinance. If you are in a high interest rate, and can lower your rate down by 1 pt or more, than yes, it would be in your best interest. There are many loan programs available, from fixed, interest only, pick a payment, etc. If you are looking to use your equity in your property to pay off HIGH interest credit cards, than that again will benifit you to refinance. As long as the refinance saves you money. Just remember you will have closing costs associated with your new loan. Check your mortage note and any and all riders associated with the note, to see if you have a pre-payment pentality. You may have one, do you remember? Normally a pp is for 2 or 3 years. Are you in a arm now, and if so, is the rate going up..?

Talk with a broker, a broker underwrites for many company's (I underwrite for 150 companies) so I only have to pull credit 1 time, and they look at my credit. A single lender (not a broker) has programs available, but they may not be able to help you and your situation, so you go elsewhere, and than that person pulls your credit (see what I mean.) FHA/VA approved too. If you shop, your credit is pulled and that is considered a soft pull, for a 30 day period. Just like shopping for a auto, it is good for 30 days. If you apply for a credit card, that is considered a "hard" pull and it drags down your credit score. When looking for a home, please do not apply for a credit card, Department Charge Card, Gasoline Card or make any major purchases, like a auto, etc. This will pull your credit down.

Try to find someone (broker) that will pull your credit one time, and submit your loan application to company's that will go off his credit report. By the way, a loan application is called a 1003, and they will issue you a GFE (Good Faith estimate, with-in 3 days, that is per the RESPA laws, and the TIL (Truth in Lending). The GFE will tell you the up-front closing cost associated with your loan. The TIL will tell you the terms, rate associated with your loan. This is a estimate only - not the final - but it does help you figure things out.

Good luck to you, and Happy Holidays to you.

I don't know! There's only two reasons why you should want to refinance; you want to lower your interest rate/mortgage payment AND/OR you need or want some cash out for whatever reason!

If you cant answer yes to either, then NO, you dont need to refinance!

depends, if you can can the same or better rates. if the same rate, if you're cashing out some money or if you plan to lowe your payment at the same rate. see if all the costs involved in refinancing is justified.

no never! its the worst thing anyone could ever do! please talk to ur lawyer or real estate agen.

Well I dont know what adriana is speaking about because real estate agents have nothing to do with refinancing and niether do lawyers, they may know people that can help you but other than that thats like asking your mortgage professional to represent you in court. Now to answer your question; You have not given enough information for anyone to give you a complete answer. Assuming you are looking to save money on your current mortgage, consolidate bills, or take cash out yes you may want to. You can log onto http://www.justgetaloan.net for access to low rates, great programs and service. Also you may contact me direct at 866 530 7300 ext 7305 or by email at jfreeman@justgetaloan.net

There are three things to consider in Real Estate - location, location, and location.

There are three things to consider in Refinancing - Benefits, benefits, benefits.

Of course the cost versus the benefit must make sense for your unique situation - get an experienced and honest broker. 12 plus years doing mortgages.

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