For many people, the equity in their home is their greatest asset. Over time, refinancing may prove to be necessary or advantageous. While there are many reasons why a homeowner may choose to refinance, but it can be challenging to know when it’s the “right time.”
Our friends at GoldCoast Mortgage Service, Inc. respond to the common question: When is the correct time to Refinance my Mortgage?
“A mortgage has two primary components: the Interest Rate (cost of money) and the Terms (amortization, aka length of repayment).
Related to the decision to refinance are the Loan Costs (previously referred to as Closing Costs)
Most of our clients forget you can adopt to any shorter amortization, at any time, without permission or expending costs or time. For instance, the 30-year mortgage you just closed on, could be converted (accelerated) to a 24 ½ year mortgage to match your financial priorities. Re-Amortizing is free and easy.”
-Excerpted from When is the correct time to Refinance my Mortgage?
Guest post by John Donlon, GoldCoast Mortgage Service, Inc.