Let us help you make that decision to Refinance
Traditionally, the decision on whether or not to refinance has meant balancing the savings of a lower monthly payment against the costs of refinancing. But in recent years, companies have introduced "no cost" and low cost refinancing packages that minimize or completely eliminate the out-of-pocket expenses of refinancing. (These refinancing packages compensate with a higher interest rate, or by including some of the costs in the amount that is financed.)
With traditional refinancing, the most often cited rule of thumb is that the interest rate for your new mortgage must be about 2 percentage points below the rate of your current mortgage for refinancing to make sense. However, with the newer low and no cost refinancing programs, it can be worth your while to refinance to obtain a smaller reduction in interest rates.
How long you expect to stay in your home is also a factor to consider. If you'll be moving in a few years, the month to month savings may never add up to the costs that are involved in a refinance. When you're making your decision, there are several things to keep in mind:
- First, if your current interest rate is significantly higher than today's lowest rates, you may be able to roll your loan costs into the loan and still get a lower rate than you have today, thereby reducing your interest payments and saving money immediately.
- Second, if you are planning to stay in your home for at least three to five years, it may make sense to pay "points" (a point equals 1% of the loan amount) and closing costs to get the lowest available rate.
- And third, you can avoid laying out cash and still get a low rate by adding the points and closing costs to your new mortgage. Does that mean shouldering a lot of extra debt? Not necessarily. If you've had your current mortgage for at least three years, you've probably reduced your balance by several thousand dollars. So you may be able to tack your closing costs onto your new loan and still end up with a mortgage that's smaller than your original one — plus, of course, a lower rate and lower monthly payment.
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Hi Lou and ladies, I just wanted to thank you for your outstanding service. You have made me a believer in customer service, and that great things can happen when you appreciate one another; to your co-workers, to your boss, to your customers. I loved coming in to see you all and just truly want to say “y’all are the best.”Coulette / Customer
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First I must say the manager has always made me feel welcomed and has always helped me when I needed it. She always goes above and beyond to make sure I leave her office with a smile on my face. The reason I am writing is to tell you that ever since she has taken over that office it looks so much nicer and makes me feel at home. She had done so many things in that office and it shows she cares about her customers whether good or bad. I fell behind on my loan a few times and she has always worked with me. Thank you, a very impressed customer.Anonymous / Customer
Just want to say thanks for everything. You and your ladies have been there when I need you and I thank you all. I love and respect everything you and the company do for me and my family. Once again: thank you—thank you, and I will always remember you when I or my family is in need—I know who I can turn to. I thank you.Barbara / Customer
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