Thinking of Refinancing your home before interest rates go up? The decision to refinance should not be based on the interest rate alone. First you must consider all the costs associated with the new loan. Then, calculate your monthly savings with the new loan. Based on a new tax rate, determine the net savings and the time it will take to pay off the costs of the refinance. Only then will you see what your true savings are.
Another point to consider is making sure your neighborhoods home values will support an updated appraisal for the amount you will need to finance. Some of the neighborhoods values have decreased in value and if you haven't been in your home long it may not make sense to refinance at this point.
Call me, I can help you crunch the numbers and/or refer you to a great mortgage loan officer!
713-882-1188
The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the HRIS.
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