Real Estate: Should I Refinance My Mortgage?
We ask when refinancing is a good idea, and offer some tips about doing it.
If you've ever asked yourself if refinancing your home is a good idea the answer is: you should look into it. Not only could it give you more to live on month to month, but it could also save you thousands on your mortgage in the long run. A recent survey produced some disturbing results on the state of mortgages in the United States. The report showed that more than half of homeowners are either paying too much for their mortgages or are locked into mortgages that are clearly unsuitable for their needs, income level or financial goals. Research also indicates that the average percentage of someone's income that goes to mortgage payments has risen 12.6 percent from nine years ago, which is not leaving today's homeowners much left to live …
Maria Mantis
5:03 pm on Thursday, August 19, 2010
I enjoyed reading your article. I think it is also important to mention what the other closing costs for a mortgage with a new lender would be. It may be less expensive to use their existing lender. In addition, a bank appraisal is necessary. If the property has little equity, it may not appraise enough to refinance. Maria Mantis, Associate Broker, William Raveis Real Estate, Rye, NY more ›