The majority of mortgage loan applications over the past several years have been for refinancing due to historically low interest rates. People refinance for a variety of reasons including changing from an adjustable-rate to a fixed-rate mortgage, shortening or lengthening the term of the loan, home renovations, getting a loan with better terms and debt consolidation. While refinancing could make a significant difference in the amount you pay each month, there are other costs you should consider. Plus, your finance charges may be higher over the life of the loan. However, refinancing a mortgage is similar to when you applied for your loan initially. You must have a relatively good credit score, pay closing costs and fees, and may even have a cursory home inspection. So you need to be sure that it will really be worthwhile and do plenty of research. Focus on long-term costs and benefits based on the equity in your home, the terms of the new and existing loans, and the break-even point at which you will recover your costs. Is refinancing right for you? Contact Nest Home Lending to find out!
Our Locations1290 North Newport Rd., Suite 130
Colorado Springs, Colorado 80916 6025 S. Quebec St., Suite 170
Centennial, Colorado 80111 2809 E Harmony Road, Suite 200D
Fort Collins, Colorado 80528 511 Crossing Drive, Suite 204
Lafayette, Colorado 80026 35 W. 50 S., Suite 120
Centerville, Utah 84014 202 East Winchester Street
Murray, Utah 84107