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When and Why to Refinance Your Mortgage Loan

Sunday, May 3, 2015   /   by Ken Couture

When and Why to Refinance Your Mortgage Loan

Refinancing your loan may be something you desire for many different reasons. The most popular reasons are for a lower interest rate, lower payment, get a new loan format, or consolidate bills. Whatever the reason is, you need to make sure it is a good time for you to refinance.

If you are looking for a lower interest rate or payment, verify that closing costs and fees do not cancel out the lower interest rate or payment. If you do not plan on owning the home for longer than a year or two, it may not be worth it to refinance.


If you decide to refinance, be prepared. You will need all of the same documentation that you would need for your original loan. You will need to verify your credit, make sure you have the appropriate funds available, and make sure your taxes are in order.


The next step is to shop around. Different lenders can offer different things. You may qualify for discounted rates, reduced closing costs, and more. If you don’t shop around, you won’t know what you might be missing. You can save time by using a mortgage broker because they have access to multiple bank’s offerings. You also will be required to get an appraisal. If you are getting a loan for more than 80% of your home’s worth, you will be required to pay PMI (Primary Mortgage Insurance).


If you are thinking of refinancing and need a referral, or help with your decision, give me a call. Visit my website or call me direct--Ken Couture, 702-610-6247.