5 Things to Think About Before Refinancing Your Hampton Roads Home

If you’re thinking about refinancing your Hampton Roads home, you might want to think about a few other things first.

1.  Are the mortgage rates higher or lower than when you first financed your house?  If current mortgage rates are lower, refinancing might be a good idea.  If they’re higher, however, you should reconsider.

2.  Why are you refinancing?  If you’re trying to get a better mortgage rate, it might be a good idea.  However, if you’re refinancing to pay off credit cards or go on vacation, not only should your probably not refinance, you probably shouldn’t be going on vacation, either.

3.  Do you currently have a fixed rate or an adjustable rate mortgage?  Since mortgage interest rates are still rising, it might be a good idea to refinance to a fixed rate if your mortgage interest is adjustable.  However, if you have a low fixed rate mortgage on your Hampton Roads home, it probably would be better to stay with it.

4. How much longer do you plan to stay?  If you plan to stay in your Hampton Roads home for five years or longer, refinancing might be a good idea.  However, if you plan on a shorter amount of time, due to the cost of refinancing, you may end up losing money.

5.  Do you have the money for refinancing?  Refinancing a house costs time and money.  The fees for refinancing can be a hefty $3,000 or more, which means you may not save any money for two or three years after refinancing your home.

If you need help refinancing your home or financing a new home, I can help.  Call me today at 757-477-4013 or email me at billgordon@judyboonerealty.com for more information.