San Francisco | Is Home Refinancing The Right Decision For You? |Mortgage residential and commercial home loans SF

San Francisco | Is Home Refinancing The Right Decision For You? |Mortgage residential and commercial home loans SF

Some smart financial decisions can change our financial future. The right financial decision will help you save a considerable amount of money. And the option of refinancing your existing home can prove to be most beneficial if you make the decision at the right time and right place.

There are several reasons why you may want to refinance your home. You may find that refinancing offers lower interest rate than the current rate, meaning that the required monthly payment can be considerably lower than what you are currently paying every month. Home refinancing can also cut your mortgage period shorter. In some cases you may even be entitled to get some cash back. With all these benefits, it is no wonder home refinancing is so popular, and these reductions each month amounts to a huge cost saving in the long run.

When taking out your first mortgage the interest rate may have been quite high. If you had enough foresight of taking an adjustable rate mortgage (ARM), you can take advantage of the current lower interest rates by refinancing your home today. On the basis of the current lower rates, you can then opt for a fixed rate mortgage to lock in the lower rates.

There are instances where people refinance to get cash back and the extra cash is then used to consolidate and manage other higher interest debts such as credit cards or other consumer loans.

Home refinancing is also an option if you want to completely own your house before the term specified in the first mortgage. Refinancing may allow you to switch from a 30-year mortgage to a 15-year mortgage with a lower rate. It will definitely require you to pay a higher amount each month, but you would own full equity of your home in much less time.

You will enjoy significant cost savings from home refinancing only when you are planning to keep your home for a number of years. Suppose you refinanced your home, yet plan to sell your house soon; you would not save much on costs as refinancing involves its own costs. So refinancing is worthwhile only when your total repayments are much lower with respect to the costs you have to bear for the refinancing. One easy way to determine whether refinancing your home is worthwhile is to multiply the number of months you plan to own the house by the savings per month. Now compare this amount to the costs of refinancing. When your total saving is considerably higher than the refinancing costs, then go ahead and refinance your home without any worry. But in case the refinancing costs are higher than your savings, then home refinancing may not be a good option at this time.

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