Even though it may seem like it sometimes, there are not as many loan options as there are borrowers! We can help you select the loan program that will fit your situation the best. There are several questions to ask yourself as you review your options.
Find Better Financial Solutions with Our Refinancing Options:
At MortgageZ LLC, we understand that refinancing your home can be a big decision. Whether you want to lower your monthly payments, shorten your loan term, or use your home’s equity for other needs, we offer refinancing options that fit your specific goals
Why Refinance with MortgageZ?
Lower Interest Rates
Personalized Support
Flexible Loan Terms
Get Started Today
If you’re thinking about refinancing, reach out to our team for personalized help or start by applying online. We’re here to make sure the process is as smooth and easy as possible.
Get Started Today:
If you’re thinking about refinancing, reach out to our team for personalized help or start by applying online. We’re here to make sure the process is as smooth and easy as possible.
When is Refinancing Worth it?
It has been said that only when your new interest is at least 2 points below your current rate, should you refinance your mortgage. That could have been valid years ago, but since refinancing has been costing less recently, it's never the wrong time to explore the options of a new mortgage! Refinancing has a number of advantages that will often make it worth the initial expenditure a few times over.
Advantages:
You could be able to bring down your interest rate (sometimes substantially) and reduce your mortgage payment amount with a refinanced mortgage. You might also have the option to "cash out" some of your home equity, which you can use to take care of higher interest debts, improve your home, or plan a vacation. You might have the option to refinance to a shorter-term mortgage, giving you the ability to build your equity quicker.
The Cost
Of course, you'll have to pay for the the refinance process. You will pay the same types of expenses and fees as you did with your current mortgage. Included in your costs will typically be an appraisal, underwriting fees, lender's title insurance, settlement costs, and other expenses.
Doing the Math
You might think about paying points to get a reduced interest rate. If you pay (on average) 3% of the loan amount at the start, your savings for the life of the refinanced mortgage can be great. You might be told that the points can be tax deductible, but because tax regulations can be ever-changing, we urge you to consult with your tax professional before depending on this. Speaking of taxes, when your interest rate is reduced, of course you'll also be reducing the paid interest amount that you may deduct on .
