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Not so fast on that refinance!

Not so fast on that refinance! Many mortgage companies will convince you that refinancing your current mortgage is a smart move, but there are so many factors to consider other than just lowering your rate. Every case is different and you must look at how many years you have left on your current mortgage, how long you think you may live there, and if you will keep the home as a rental in the future among other factors. Some companies even advertise to pay your closing costs, which a higher interest rate is associated with those loans as you probably can imagine.

It is important to look at how a new mortgage will fit into your overall financial well being, and unfortunately many loan originators do not look at the big picture like I do. While many people refinance to lower their mortgage payment, I have encouraged some to go for the higher payment to pay their mortgage off 10, 12, or even 15 years early.

Would you like an honest opinion on how a refinance would fit into your financial picture? Call one of our team members today!