Should You Refinance?

The markets have turned bullish for the homeowner looking for a refinance option.  How can you know if this choice will be a profitable one?  Well, the first thing to take into account would be the age of your current mortgage loan.  If your loan is more than 7 years old, consider going for a shorter than 30 year option.  Now that you know the term of the loan we can apply an interest rate and get a quote on a new payment.  Use a mortgage calculator to figure out the monthly payment or what your pricipal and interest would be.  Compare the new figure to your old figure and see what the savings could be.  This is your benchmark.  Now shopping a rate could be easier when you have a target margin in mind.  Call me for more information on reviewing your current mortgage situation and loan products available.