Since the Federal Reserve’s emergency rate cut in March, homeowners everywhere have been wondering if now is the time to refinance. Of course, each person’s needs and goals are different. At Central Bank, we strive to offer personalized financial solutions to each of our customers. In this article, we’ll share general tips for making a refinancing decision. We also encourage you to contact our Houston-based lenders to discuss your own situation in more detail.
The answer to this question will depend on what you’re hoping to achieve with a mortgage refi. Here are the most common scenarios:
Here are the most important factors to consider as you try to answer this question.
Because refinancing means taking out a new mortgage loan, you’ll have to pay closing costs on your new loan, just like the original. The simplest way to calculate your break-even point is to divide total closing costs by the amount of money you’ll save each month on interest.
At Central Bank, we pride ourselves on making the mortgage approval process as swift and smooth as possible. You can help keep things on track by providing requested documents in a timely fashion.
Ready to learn more about mortgage refinancing or start the application process? Call a Mortgage Loan Officer at 832.485.2316, visit your nearest Houston location, or email us at email@example.com. We can help you figure out if now is the right time for you to refinance.