When to Refinance a Home

Getting Insight on the Best Time to Refinance a Mortgage

Be careful of the so-called "experts" who are out there telling people when to refinance regardless of their situation. For example, if a loan officer advises you to refinance a mortgage that has a pre-payment penalty and the new payment offers little in savings, then it's time to get some advice and additional quotes from lenders that specialize in home refinancing. Let's face it everyone likes to give advice, but few people will offer good advice that is specific to your needs, goals and loan qualifications.

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Our loan specialists understand the challenges in shopping for a refinance loan online. That is why with Nationwide you can expect the lowest mortgage rates and excellent customer service without the hassles.

5 Signs to Help You Know When to Refinance a Mortgage
When to Refinance a Mortgage
  1. Lower Interest Rate without Increasing Mortgage Balance.
  2. Shortening the Term Will Reduce Years You Will Be Paying a Mortgage
  3. Lower Monthly Payment Saves You Money and Increases Cash Flow
  4. If You Need Raise Capital Get a Cash Out Refinance
  5. Opportunity to Consolidate Debt into a Tax Deductible Mortgage

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Pros and Cons of a Refinancing a Mortgage

Before making a major decision in regards to committing to a mortgage refinance loan, it helps to understand all of the consequences of a specific action. The pros and cons of a mortgage refinance can have a lasting impact that will affect the household budget for many years to come. It is best to perform some research to learn about quality mortgage refinance tips that will simplify the entire process. One of the major reasons for undertaking this task is to find a lower interest rate for your mortgage. Understanding where to find the available resources to make idea a reality can help a household better manage their money.

There are various reasons why a home owner would consider refinancing their current mortgage plan. One of the considerations would be in shortening the term of the loan. This may result in slightly higher payments but will allow you to obtain complete ownership in a faster time period. The main purpose of arranging for a refinance package is saving money with a lower interest rate. This can not only lower the monthly payments but also allow the ability to get cash out of the equity for other projects within the household. This is a great solution in order to find funds to make improvements on a piece of property.

Understand the Risks before Refinancing Your Home

Another positive aspect of working toward a refinance home mortgage is the opportunity to consolidate debt into a tax deductible mortgage. Maintaining a high level of debt toward high interest credit cards is not a smart financial move. Using the available funds from the refinance opportunity will provide the ability to pay down these obligations and improve overall credit rating scores. The refinance option can also be used to pay other obligations associated with the home such as paying closing costs. Using your hard earned equity can be advantageous to future financial health.


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Should I Refinance My Home?

Ask yourself these questions...

Are you saving money?

Will this loan put me in a better position financially?

How will this loan affect my ability to sell or refinance my home in the future?

Answering these questions should help you decide whether now the right time to refinance.

More Resources

Resource Calculator

Refinancing Calculator Analyze the benefits of mortgage refinancing. Get assistance calculating the monthly payment and discover the net interest savings. These tools will also calculate how many months it will take to get a return on investments for the mortgage refinance costs.

Additional Refinancing Pages:
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Please be aware that this is not an advertisement for credit as defined by paragraph 226.24 of regulation Z. Nothing on this site contains an offer to make a specific home loan for any purpose with any specific terms. This is a web-site and no loans can be guaranteed as loans and rates are subject to change. Nationwide is affiliated with a federally chartered bank located in Maryland licensed to offer home loans in all 50 states.
Copyright 2001-2011 and Beyond, Nationwide Mortgage Loans, BDnationwidemortgage.com. All rights reserved. Do not duplicate in any form. Mortgage refinance rates are subject to change. Check with loan officer for updated interest rates.