While it is true that there are fluctuations, overall still, mortgage rates today are at historic lows. So, just like many others, you may be thinking about refinancing your mortgage so you will have lower monthly payments.
If you are not familiar with mortgage refi, Riverside, CA, it just means applying for a new mortgage to replace an existing one. It allows a homeowner to get a new rate, term, and monthly payment. Make sure that you shop around for the best rates and terms for your needs if you decide to refinance your mortgage.
When to consider applying for a mortgage refi, Riverside, CA:
Mortgage rates are lower than when you close on your current mortgage. You lock in a lower interest rate to lower the monthly payment.
There’s a significant improvement in your financial situation. When you can secure a loan with a shorter term, you can own your home sooner.
Your adjusted-rate mortgage (ARM) is adjusting north. It means refinancing to convert to a fixed-rate mortgage can provide you with the security of consistent payments.
What are the associated costs of mortgage refinance?
It is a given fact that refinancing your mortgage could save you money, both in the long- and short-term. However, it is not free. While your current mortgage has the closing costs and associated fees, refinancing, on the other hand, there are refinancing costs.
The average cost to refinance a mortgage is almost USD 5,000. Thus, you should carefully consider how long you plan to stay in the home for the savings to outweigh the costs. Figure out the numbers and act accordingly.
When refinancing, you can expect to pay for:
- Government recording costs
- Appraisal fees
- Credit report fees
- Lender origination fees
- Title services
- Tax service fees
- Survey fees
- Attorney fees
- Underwriting fees
As with any endeavor that involves serious sums of money, you will want to do your homework, make an assessment of your short- and long-term goals, and consider working with a reputable broker who can guide you through the process.
Online looking for a reputable broker for your mortgage refi, Riverside, CA? Contact us today at 800-810-PLUS (7587).