What if you could pay less for your mortgage? Not just every month, but in total when all was said and done? Wouldn't you take that opportunity if you could? Well, all it takes to make that happen is to refinance your current mortgage. However, before you sign on the dotted line, it's important to keep a few things about refinancing in mind.
#1: Shop Around
As with any other serious purchase, you need to be see what all the lenders in your area are willing to offer you in terms of deals. Just because the company you bank with gives you a good rate, that's no reason not to talk to their competitors. After all, they might be willing to go a little lower to make sure they get your business instead.
Which leads to the next tip...
When it comes to refinancing, you need to remember that you don't have to just accept the terms as they exist. If you have good credit, if you can show you're a good investment for the lender, see if you can get them to sweeten the deal a little bit. Smaller monthly payments, a lower interest rate, etc. Just like when you buy a car, or a home, remember that it never hurts to ask for a better bargain. You might just get it.
#3: Do All The Math Before You Sign
Too often we see a smaller rate of interest, or a smaller payment, and we can't wait to put our names on that dotted line. However, it pays to make sure you check all the fees, and work out the full cost of your refinancing, to make sure you're actually saving money. There's nothing worse than putting a refinancing loan through, only to realize you're now paying more overall than you were before you got it.
For more tips and tricks on refinancing your mortgage, simply contact us today!