5 Tips for Refinancing Your Mortgage

This is the time of year when many people worry about money. How will they buy gifts for everyone? How will they pay off their credit cards form the massive amount of spending they did for the holidays? After all, at some point we all have to pay the piper, aka the credit card companies. I work hard to stay within our means. I know those bills will come due and I only spend what I can pay in the long run. I have been on the wrong side of too much in the past. I have an ex who ran the bills up like crazy and it took me years to get things straight again. One thing many maybe considering is refinancing your mortgage. 

1. Get A Mortgage Specialist

My biggest and first piece of advise is to seek the consul of a mortgage specialist like Alex Shivraj. They will answer all of your questions and guide you in the right direction.  I can’t begin to tell you how much help mine was when I had refinance. 

2. Check Your Credit

In order to get the best possible rates you need to make sure that your credit is up to par. Go through it with a fine tooth comb and see about fixing anything that you can before you start to refinance. Remember that most creditors will take a one time payoff in order to get you off their books and will mark a bad debt as paid. Even the IRS will work out a settlement agreement with you. Trust me I know!

3. 30 or 15 Years

If you currently have a 30 year mortgage you may way want to consider refinancing it into a 15 year one. You can pay off your home quicker. You need to consider all of the pros and cons of this. If you feel that you can afford the higher monthly payment and don’t foresee any issues then go ahead. 

4. Compare Loans

Check out every possible loan you can. You may qualify for an FHA or something else. You won’t know until you look into it. Also if you are worried that you owe more than your house is worth don’t fret too much.  The Home Affordable Refinance Program allows homeowners to refinance regardless. You may have heard this referred to as HARP. 

5. Talk with Your Current Lender

If you are thinking about refinancing because you are having trouble making your monthly payments, talk with your current lender. Many lenders have programs to help customers who are having trouble. They may can help you in ways that you don’t even know about. It is also a good idea to go to them first when considering refinancing. They may give you a better rate since you are a current customer. 

As you can see you don’t have to run around wondering to yourself “Where can I buy silver bars?” You just need to take care of a few things and then you will well on your way to refinancing your mortgage and having some cash in your pocket. Even if you aren’t considering refinancing at this moment you may want to look into current rates and more. You may find an even better deal even though your weren’t looking.