Here’s the thing: A mere 0.5% interest rate differential can either save or cost you tens of thousands of dollars over the whole duration of a mortgage loan. That reason is compelling enough for you to exercise due diligence on whether or not you consider home refinance Scottsdale. After all, a home mortgage highly likely represents the biggest of long-term debt obligations you can ever have in life.
Now, let’s go back to the pressing question: Should you consider home refinance in Scottsdale? There are several factors to consider to lean to the affirmative side, including the following:
When there is a significant drop in mortgage rates – again, a substantial decline in mortgage rates can be a compelling reason to consider refinancing a mortgage. It allows you to save thousands of dollars from your mortgage. So, figure out the numbers – is the drop in mortgage rates significant enough?
When you see an opportunity to pay off your mortgage in shorter terms – paying your mortgage off earlier provides several advantages, and one of them is to have better cash flow. Having better cash flow means better management of your finances.
Suppose you have a 30-year-fixed mortgage: when you refinance your mortgage at a lower rate, you can convert it to a 15-year mortgage term without significant changes in your monthly due. Again, figure out the numbers and decide based on it.
To switch from an adjustable-rate to a fixed-rate mortgage, or vice versa – some borrowers refinance because they have an adjustable-rate mortgage and want to lock in a fixed rate. The opposite can also make sense, particularly if you plan to sell in a few years. A reputable mortgage broker can guide you to make a sound decision about the switch.
Online looking for a reputable broker to help you decide on a home refinance in Scottsdale? Contact Homeplus today at 800-810-PLUS (7587).
