Monday, August 28, 2023 / by Sonya Reiselt
Are you considering replacing your existing mortgage with a new loan?
Many homeowners in Beaufort choose to refinance their homes in order to lower their monthly payments and save money in the long term. However, it is important to note that refinancing is only beneficial if you are able to qualify for a new interest rate that is at least one percent lower than your current rate.
The pandemic caused mortgage rates to sharply decline, leading many homeowners to consider refinancing. This resulted in 14 million mortgages being refinanced between 2020 and 2021. However, the market changed in 2022 as rates began to rise, making refinancing less attractive for borrowers.
The housing market and economy influence the rates on mortgage refinancing, but there are factors within your control. With the right knowledge, you can negotiate and get the best deal on refinancing your home's mortgage.
Here are some tips on getting the best mortgage refi rates.
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Wednesday, July 1, 2020 / by Sonya Reiselt
Mortgage rates are at their lowest levels in years, and as such, many Beaufort County home owners are refinancing their homes. Even if you refinanced your home last year, it still may be a good idea to look into a refi now.
Even though rates are the main driver for refinancing your home, there are some other factors to consider.
How much will it cost?
While it's true that refinancing will lower your monthly payments, there are fees involved. You need to take into account all the fees and determine how long it will take to break even.
As an example, if you pay $3,600 in fees to save $100 a month, it will take 36 months to break even. So if you plan to be in your home in Beaufort County longer than that period (or whatever period you calculate it will take) then refinancing might be worth it.
Consider the terms
You don't need to stay with a 30-year loan. If you go with a 15-year loan, you can pay off your home earlier. Or if you ...