Weighing the Options of Refinancing

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Some have said that only if your new interest will be at least two points lower, should you refinance your mortgage. That may have been true a while back, but as refinancing has been costing less over the last few years, it is never the wrong time to explore the options of a new mortgage loan! Refinancing your loan has a variety of advantages that can make it worth the up-front expenditure many times over.


When you refinance, you might have the ability to lower your interest rate and monthly payment , perhaps significantly. You could also be able to "cash out" a portion of the built-up equity in your home, that you will be able use to consolidate debts, make home improvements, or finance a vacation. You could be able to refinance to a shorter-term mortgage loan, enabling you to build up your equity faster.

Expenses and Fees

All these advantages do come with some expense, though. When you refinance, you are paying for basically the same things you were charged for during your existing mortgage. Included in the list might be an appraisal, underwriting fees, lender's title insurance, settlement costs, and other expenses.

Doing the Math

You might need to pay points (prepaid interest) to get a lower rate of interest. When you pay (on average) 3% of the loan amount at the start, your savings for the term of the new loan can be great. Please consult a tax professional before acting on rumors that the points paid may be deducted on your taxes.

An additional expense that a borrower might take into account is that a reduced rate of interest will lower the interest amount you will deduct on your federal income taxes. We can help you do the math! Call us at 7184417000.

Most borrowers find that the monthly savings quickly outweigh the initial expenses of refinancing. We will work with you to figure out which loan program is right for you, taking into account your cash on hand, the likelihood of selling your residence in the next few years, and what effect refinancing might have on your taxes. Call us at 7184417000 to get you started.

Want to know more about refinancing your home? Give us a call at 7184417000.

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Omni Mortgage Corp.

118-18 101st Avenue
Richmond Hill, NY 11419