When to Refinance

Here are some strategies to take in to consideration when it comes to the refinance of your mortgage:

When to refinance: There are many factors that will determine when is the right time to refinance. Changes in the interest rates, changes in your tax bracket, your over all debt structure, equity in your property, employment status, family planning, are some of the examples that come in to play. Our professionals will help you implement viable refinance strategies to conserve your equity, build greater wealth, and achieve your short term or long term financial goals.
Through our annual equity review, our mortgage planners will educate you on your changes in debt, equity, and provide you with recommendations as needed.

Understand that you may need to pay different fees or interest rates: If you are getting cash out of your home equity vs. simply paying off the current balance. you may loose the interest tax deduction on cash out funds. The amount you could deduct is tide into the acquisition loan amount & your AMT (Alternative Minimum Tax).Our Mortgage Planner’s can help you structure your refinancing transaction, along with recommendations to your CPA to give you the best overall financial impact for your individual circumstances.

Know your credit score You may be able to get a better mortgage rate & more favorable loan terms by restructuring some of your credit card balances, auto loans, etc. Our mortgage planners can help you correct errors on your credit report & determine which balances to restructure or pay off, in order to improve your credit score.

Transaction costs: With the cost of refinancing lower now than in the past, you might qualify for low or zero cost transactions. Often times there are programs available that would offer you such transactions.

Evaluate the mortgage products that will work best in your situation. It is far better to have a Mortgage Planner who can help you implement the best strategy with competitive interest rates than for you to shop for the lowest rates with the wrong strategy.