Choosing to refinance your mortgage can be a very difficult task. Although slower, lower monthly payment, or pulling the equity in their homes for other uses the prospect may seem attractive, there are factors, the house should consider when deciding whether the time is right.
These five factors to consider when making this decision.
1st Low interest rates to refinance or the most obvious factor is interest rates. Fortunately, Texas mortgage rates tend to be lower than elsewhere in the country due to lower risk perception of our housing market. If mortgage rates have dropped since your last loan was originated, or if fixed rates are relatively low and are now adjustable rate mortgage, refinancing may make sense. Adjustable rate loans to fixed rate loan conversion case, your interest rate savings may not be that high, if your main goal is to eliminate from its budget for the future increase in interest rate risk. Low-rate environment, you may be able to reduce your monthly payment, while maintaining their mortgage term about the same. You might also consider refinancing your mortgage term to keep your payment so, but allow yourself to pay the loan in the past. With any of these options for your interest in saving time during your mortgage term can easily reach thousands of dollars.
2nd Your Home Unlike many areas of the country, many people, Texas, and especially in South Texas communities such as Spring, Tomball, The Woodlands, Houston and the increased equity in their home value had increased since it was acquired, a strong local economy, which continues to flourish during the energy crisis of 2007-08. In addition, the affordability of homes in Texas remains high compared to the rest of the U.S., which means that most likely will be willing buyers than in markets like Las Vegas or Southern California's source. Unfortunately, unlike his brokerage account, you can easily access this capital, if you sell your home. The alternative would be to seek withdrawal of refinance, where you can refinance for a higher amount than your current loan balance. It may make good financial sense, since the interest rate on the first mortgage is likely lower than credit cards or other unsecured debt and is expected to be tax deductible, paying off other debt to refinance in the money. Keep in mind, there are specific laws in Texas, which restricts the money refinances up to 80% of the value of the house, so your ability to implement this strategy will be to your home equity amount. In cases where you, or to increase the term of the loan or interest rates fall, the strategy can allow your monthly payment remains the same, although you must remember that the main additional funding will inevitably mean that you increase your total mortgage debt. There is not a free lunch!
3rd You're still my mortgage payment at the beginning of their schedule in the early years, the majority of your payment towards the principal, is tax deductible, but not so well paying off your loan in the near future! However, it is when it makes the most sense to refinance. When you are in the later stages of your loan, the majority of your payment goes toward principal, and thus to minimize the impact of interest rate. Usually, if you only seek to reduce the rate of your loan, you will most likely be the best price if you refinance during the first ten years of 30-year mortgage. Or, if you're considering taking money out of their home when their first mortgage balance is low, you may be better, home equity credit line or second mortgage. As we stated earlier, your ability to take cash out refinance may be limited by state law.
4th You plan to stay in their homes in order to maximize the value of the refinancing, you need to stay in their homes long enough for your interest in saving your closing expenses. For example, if refinancing your mortgage will cost $ 3,000 and your monthly payment will be reduced by $ 200, you only need a 15-month break to stay in their homes. On the other hand, if your payment is only $ 75 a month, it will be 40 months. While we all think that we will never move, the data show us. The average house moves about every seven years, so you should bear this in mind when making your decision.
5th You have a large mortgage balance Although many experts, could tell that it makes sense to refinance only if you can reduce your rate of 1.5-2%, which is not always the case. The higher your mortgage balance, the higher the overall effect of reducing the mortgage rate. , The rate of reduction of 1 percent. Can not compensate for the closure costs of $ 100,000 loan, it may make economic sense $ 400,000 loan. Once again, you have to weigh the time to recover the closing costs you will incur with your total interest rate savings.
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Tuesday, October 11, 2011
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