When should you decide to refinance your mortgage? That depends on a number of factors. Right now may, or may not be the best time in history to make this decision, but predicting this move perfect would require a bit of psychic ability on your part. Many experts recommend that if you find a good deal that saves you a significant amount of money, it’s probably worth taking the deal rather than waiting to beat it.
The three major factors are simple:
- How much will you reduce your interest rate?
- How much will you pay in closing costs?
- How long do you plan on keeping the house?
The old rule was that you should refinance if you could get a rate two points lower than your current rate. Now, mortgage experts say to look into it if you can reduce your rate by even half a point. Many people decide that one full point is reason enough to look into your Pensacola mortgage refinance options. The longer you plan to keep the house, the smaller the reduction that will benefit you because you’ll have enough time to regain your closing costs.
If you are considering refinancing, we’d be happy to provide any assistance or advice you might need. Just give us a call at 850-936-0422 today so we can explore your options.
Contact Pensacola Mortgage today!