Refinancing

In light of the recent activity we have received concerning refinancing I thought I would shed some light on things you should consider when refinancing your home. I have spoken on this subject before but it has been some time ago and felt the need to address it again.

First, what are you looking to accomplish by refinancing? Are you wanting to lower your overall payment, payoff outstanding creditors (debt consolidation), hoping to shorten your term (i.e. 30 year to 20 year), do you need cash for home improvements or college tuition? You need to be honest with yourself on what your ULTIMATE goal is! Assume "the sky is the limit" and let the mortgage professional cater to what you are trying to accomplish. Unfortunately in our industry we have guidelines to follow, however if you are with the right mortgage professional they should be able to provide you a quality home loan product that meets your needs and goals.

Another question you should have thought about when considering a refinance is; how long do you plan on staying in the property? This plays a major role in the product and type of loan we put you in. Are you planning on retiring in this home, do you want to sell and move in 1 year, 2 or 5? You need to have a realistic idea of what your tenure will be in this property.

Again there are other things to consider but I thought I would address a couple of the more serious one's first.

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