Should You Refinance Your Mortgage?
Should You Refinance Your Mortgage?
Many homeowners can benefit by refinancing their mortgage at a lower interest rate! Before you refinance consider the following questions!
1) What Kind Of Interest Rate Can You Expect:
If your planning on staying in your home, a small reduction in your interest rate can make a big difference, even tho some people say it's not worth it unless your knocking off an entire point, like going from 5%-4%...
2) Don't Forget About Closing Costs:
Although lower this time, remember you will have to pay closing costs again when you refinance! In some instances your currant lender might even be willing to give you a good deal in order to keep your business.. So always look around and check out what other lenders are offering!
3) 15 Years Versus 30 Years:
Where will you be in 15 to 30 years? Always think ahead about what you circumstances might be like in that time frame.. Think carefully, see if you really want to reset that 30 year loan clock.. Some people choose the 15 year plan to pay it off early with higher monthly payments while others choose the traditional 30 plan. Choose the plan that fits your needs..
4) Fixed Interest Rate or ARM?
With interest rates at an all-time low, experts are advising people to lock in that low interest rate. Others however choose the flexible rate plans, like the ARM or adjustable-rate mortgage. Not locking in a rate plan leaves you venerable to life's unexpected curve balls! This leaves some people in hot water when the interest rate adjusts and there left with skyrocketing monthly payments! So be careful on choosing your rate plan..
Here at New Mexico Mountain Properties we understand the stresses that go with being a homeowner and we are dedicated to helping you sell your home or acquire a new home. So whatever you fancy we've got you covered....a home in Taos.....or maybe a Taos Ski Valley condo is what your are looking for. We also have fabulous deals on Taos land for sale as well as small to large parcels of land for sale in Angel Fire. Looking for a home or condo in Angel Fire? We can assist you with that as well. Give us a call at 575-377-2626 , our Angel Fire office or 575-758-5852 , our Taos office or speak directly to the broker at 575-770-3306. We are dedicated to going that extra mile to make sure you get exactly what your looking for! Let us serve and welcome you to the Enchanted Circle.....
