Bonita Springs Refinance
While interest rates are at historical lows, this might be a good time to consider a Bonita refinance. While many people consider refinancing only when they wish to drop their monthly payments. However, there may be other valid reasons to consider a home refinance.
Modifications and upgrades
Many homeowner’s decide to add onto their home or upgrade their kitchen, bath or basement. Refinancing your home may be the best method of obtaining the funds you need. With low interest rates, you may not need to extend the life of your loan to get the funds you need.
Reducing loan term
For a homeowner who still has 20 years remaining on their current mortgage, refinancing into a 15 year mortgage can be very beneficial. Rates are currently very low and refinancing may reduce not only the time of your loan but, may also reduce your overall monthly payments.
Pay down credit cards
Let’s face it, credit card interest rates are still very high. In some cases, consumers may benefit from a cash-out refinance to pay off credit card bills. Over time, this can save thousands of dollars in credit card interest payments. Keep in mind, home interest payments may be tax deductible while credit card interest is not.
What to watch for
When considering a Bonita Springs refinance loan, it is important to make sure that you fully access the loan offer. Here are some of the fees that you must take into consideration:
- Loan origination fees – If your lender requires an origination fee or loan discount to buydown the interest rate.
- Appraisal fees – If your loan will require an appraisal
- Tax stamp fees – Some towns will require tax fees that must be considered
- Refinance fees – Lenders may charge underwriting, credit report and tax service fees
- Title fees- Lender title insurance, settlement & recording fees
- Escrows- Lender might require tax and insurance impounds (escrows)
Borrowers cannot simply look at the current interest rates to determine whether refinancing is a good idea for their individual circumstances. In addition to any fees, borrowers may need to take on personal mortgage insurance if their loan to value exceeds 80 percent. Be certain to verify what your new mortgage payment will be after you refinance your mortgage as well as what impact a refinance will have on your overall financial status. When you’re considering refinancing your home, it is critical to make sure that you are making a sensible decision that works for you and your family.
Contact Core Mortgage Financial today and let us help you evaluate your current mortgage and determine if this is the right time for you to refinance your home mortgage. We can help you determine what your new payments will be, whether a cash-out refinance is right for you and if refinancing your mortgage will be the right financial tool for your needs.
Call today at 239-431-5889 or apply online !
You can also click on our contact form. Our Bonita loan originator will contact you quickly!