Mortgage Refinance in Sedona, AZ – Frequently Asked Questions Answered

February 27, 2024

Mortgage Refinance in Sedona, AZ – Frequently Asked Questions Answered

By Published On: February 27th, 2024Categories: Arizona, Mortgage Refi, Mortgage Refinance, Sedona AZ

Mortgage refinance in Sedona, AZ, is one of the most popular options in the real estate market today. If you are one of those who want to apply for refinancing, it will work to your advantage if you know pertinent information about the subject before you finally make a mortgage decision.

Here are some of the refinance questions we often receive from clients and online followers:

When can we consider refinancing a good idea? There are compelling reasons why you would want to go for a mortgage refinance in Sedona, AZ. For one, if you want to access cash from the equity you have in the home. Another is when you take advantage of the decline in interest rates, which offers an opportunity to lower your monthly payment, lock in a lower interest rate, or pay your loan off sooner.

Does refinancing save money? The short answer is: Not always. Not all the time you can save money with refinancing. Depending on the reference interest rates, your payment may be higher if you take cash out. However, your decision to refinance your mortgage might still make sense if it helps accomplish your goal.

Does refinancing hurt my credit? Refinancing prompts a hard inquiry. That is when a lender pulls your credit report in response to your refinancing application. This action can temporarily lower your credit score (though the impact on your score is minor). Despite that, refinancing may benefit your score over time. Hard inquiries will reflect on your credit report for two years and typically only affect your credit score for one year.

Should I hire an attorney when doing a mortgage refinance? While some states mandate borrowers to have a lawyer to review documents before closing when doing a mortgage refinance, Arizona is not one of them. But, of course, you may want to work with a person or entity who can help guide you through the refinancing process and protect your interests.

Are you looking for a reputable company to help you with your mortgage refinance in Sedona, AZ? Look no further than Homeplus Mortgage. Call us today at 800-810-PLUS (7587) for inquiries.