Is it time to refinance?

Obviously, the goal of refinancing is to save money. So, if the new loan you are considering has significantly better terms than the original loan, it can create big savings for you. However, there are a few other considerations that can help you determine if this is the right time for you to refinance.

 

·        Longevity – How long do you plan to be in your home? Taking on the closing costs associated with a refinance in an effort to lock in a low rate for the long haul doesn't make sense if you still plan on moving once you see enough appreciation in your home's value to sell. However, if you plan to stay in your home, refinancing at a lower rate could result in significant savings. 

 

·        Rates – CuCorp, a subsidiary of TTCU, provides some of the lowest combination of rates and fees available along with the highest quality of customer service. You can get a complete and accurate fee quote for all the loan types that you may be eligible for via our website.  

 

·        Mortgage Insurance – Are you paying on a loan that requires you to carry mortgage insurance? It is possible that you have now built up enough equity to drop that insurance through a refinance.

 

·        Credit Score – Has your credit score improved? If your credit score was low when you were approved for your first mortgage, it is likely that you could get a better rate and term now. While a lot of homeowners are willing to accept these poor terms initially, in order to get their dream home, there is no reason to keep those bad mortgage terms if your credit situation changes.

 

·        Cash – You may be thinking about paying down some of your high-interest debt, have a child going off to college soon, or maybe you’re dreaming about a newly remodeled kitchen or taking a vacation. Getting cash out of your home may be the ticket. You can get funds through a refinance that will allow you to draw against the equity in your home without taking out a second mortgage.

All of these and many others make up the list of reasons homeowners may choose to refinance their homes. Current interest rates are only part of the equation. Establish your goals, learn about your options, and make the decision that's best for you and your timetable.

When you're ready to get started, contact our CuCorp mortgage professionals at 800-755-8828.