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Should I Refinance My Mortgage Loan? What You Need To Consider Should I Refinance My Mortgage Loan? What You Need To Consider Should I Refinance My Mortgage Loan? What You Need To Consider

Should I Refinance My Mortgage Loan? What You Need To Consider

1 minutes read

Refinancing your mortgage can be a great, money-saving option for many homeowners, especially if your credit score has improved and you’re refinancing for a lower interest rate. However, there are also associated costs that must be considered, including fees which can range from 2% to 5% of your balance due.

Could this be a great time to refinance? How soon can you take advantage and possibly get into a lower rate? Even if you can refi, does it make sense for you? Learn how refinancing works, the benefits and drawbacks to refinancing, when the right time to refinance is, and if it’s the right option for you based on your financial goals and what you are looking to accomplish.

How Mortgage Refinancing Works

When you refinance, your current loan gets paid off and replaced with a new one which has different terms. In the transaction, several things about your loan could change including your interest rate, the length of your loan, the loan balance itself and even the type of loan you have.

In a refinance, a payoff check is issued by the lender handling your new loan to the originator of your current loan. When that happens, your relationship with the old lender ends and your new lender takes over from that point forward.

When you’re refinancing, the loans break down into two categories. We’ll get into these in more detail later, but for now here are the basics.

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Our Interfirst rep was always easy to reach when we needed help fast. When issues came up, and we had a number of them, from home repairs to changing lenders, she guided us through the process and we felt like VIP

Samantha W., Estes Park, CO

Client

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Highly recommend Interfirst for your refi. So patient and helpful with me - I knew nothing about what I was doing. They always explained everything and made time to walk me through the ins and outs. We also got an great rate! I would work with them again. A+

Zola J., Lafayette, LA

Client

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Our whole home buying experience with our Interfirst agent was amazing. She made us feel confident about our decision, and she laid the path to our home owning success. she was patient and genuinely wanted us to succeed. Her response time was impeccable and thank you! for taking the stress off the experience. We will for sure be recommending you.

Carlo M., Rockford, IL

Client