posted by Chris | If you have a home mortgage, now may be a good time for you to consider refinancing. If you have an adjustable rate mortgage or an interest rate that is higher than current rates, refinancing to a lower fixed rate mortgage might save you thousands of dollars in interest payments.
I do not want you to refinance your home so you can take money out and buy a new TV or go on a vacation! In my opinion, the principal reason to refinance is to reduce the amount of interest that you will pay over the life of the mortgage.
You need to be financially literate and understand the process. Refinancing a mortgage is easily done but it is a complicated transaction. Recent history is riddled with people obtaining mortgages without understanding the consequences.
I recommend that you start at A Consumer’s Guide to Mortgage Refinancing and the website is http://www.federalreserve.gov/pubs/refinancings/default.htm Please brew some coffee and thoroughly read the material.
Once you have done your homework; consult with your local credit union lender, banker and a mortgage broker. You may want to ask your financial advisor, CPA, real estate agent, attorney and friends for referrals.
Please be absolutely certain that you understand the entire process, reviewed the good faith estimate and never, ever be embarrassed to ask questions. This is your money, your home, your responsibility and your reputation! THERE ARE NO STUPID QUESTIONS! If you feel like the lender is being vague or not answering your questions completely, go elsewhere. Don’t feel pushed or forced into signing anything.
You do not need to rush into a new mortgage, but now is a good time to consider refinancing your mortgage. [Other posts by Chris are linked at the bottom of this post.]
Christopher J. Conner
Certified Financial Planner TM
Certified Fund Specialist
North Florida Wealth Advisors
Gainesville, Florida 32607
352-225-3132 (Fax) 352-225-3784
Advisory Services offered through Jonathan Roberts Advisory Group.
Securities offered through J.W. Cole Financial, Member FINRA/SIPC.
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