Too Late to Refinance your Mortgage?

Mortgage refinance is a phrase that strikes fear in the hearts of many consumers. Everyone is so afraid to do a mortgage refinance that they just don’t get the move on and get it done. Well the simple facts of the matter are that you’ll always find a better rate somewhere else after you’ve just refinanced, and it’s never too late to refinance your mortgage.

The first of those two statements is just one of Murphy’s laws. It’s like when you buy a new pair of sunglasses, and then they go on sale for half price the very next day.

Mortgages are about the same deal. You’ll do a mortgage refinance to save 3%, which is an incredible savings, and you’ll be thrilled. Then next week you’ll see an ad somewhere to get ¼% lower rate than what you just signed for and you’ll be upset about it. Well, I’m here to tell you that there’s two ways of looking at this. You can either be upset that you missed out on the ¼%, or you can be thrilled that you saved 3%. If you’d just sit there worrying about being wrong, or that the rates might go down again soon, you’d still be paying that extra money every month. So don’t wait, call someone and ask questions about mortgage refinance today! You may be surprised at what you’ll learn.

The second statement, it’s never too late, is also true. No matter what the rates are doing, you can go in and ask questions about things. Many people want to refinance to get some equity out of their home, not just to save money. That can be done, even if you don’t lower your rate much. Or even better, you can get a home equity line of credit, and have a revolving account that you can draw on whenever you want. There are tons of different options out there. If your goal is remodeling, or something similar, then a line of credit is a better option than mortgage refinance, unless rates have gone down at least 2% since you signed your old mortgage.

Now, who do you talk to about this? Whatever you do, do NOT go to your commercial bank. Check with a mortgage broker first of all, and talk to them about your situation. Tell them what’s happening, why you want to refinance your mortgage, and what your goals are for this process. They know tons of lenders. That’s what they do. And they can get you approved for almost anything, and find you the best rates available.

If mortgage refinance scares you, just get up and go talk to a mortgage broker. They’ll put it in perspective, tell you about options you never knew you had, and make you a happy customer no matter what the case may be.

If you have any questions call us for immediate assistance. Be sure to visit us often for up-to-date MLS listings for Tampa Real Estate and Northern Virginia Real Estate.

© 2008 Julia Vakulenko and Tampa4U Team