Tiffany Rabalais
PREMIERE PROPERTIES OF THE SOU My Website 204 Mystic Blvd Houma, LA 70360 O: 985-223-1777 M: 985-637-8433 Contact Me |
What You Need to Know before Refinancing
An estimated 28 million homeowners could cut the interest rates on their loans by more than one percentage point if they could refinance. If you’re one of the many homeowners considering a refinance, here are some important facts you need to know. 1. Make sure you are in good standing on your mortgage. Refinances are mostly considered for those homeowners who have a good payment history and are current on their mortgages. If you’re currently underwater, a refinance is probably not an option for you. Consult your real estate professional about other options, including loan modifications and short sales.
2. Check your current credit score. Refinance candidates need to demonstrate steady income and good credit. Make sure your credit rating is up to snuff and see what immediate measures can be taken to improve it if it’s not.
3. Examine how much longer you plan to live in your home. If you are planning to put your home on the market in the near future, refinancing probably doesn’t make sense. You need to make sure you’ll be living in your home long enough to recoup the closing costs of the refinance.