Gina Farrell

Indepenent Funding Group

  • Home
  • About
    • About Us
    • Privacy Policy
  • Blog
  • Resources
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
    • Closing Costs
    • Home Appraisal
    • Home Inspection
    • Loan Checklist
    • Loan Process
    • Loan Programs
    • Mortgage FAQ
    • Mortgage Glossary
  • Search for Homes
  • Apply
    • Apply Now Short Form
    • Download Application
  • Contact

Gina Farrell

Loans With a Purpose

Gina Farrell

Sr. Loan Consultant • Get in touch! (714) 931-3541

previous arrow
next arrow
Slider

How Low Can They Go: With Mortgage Interest Rates Low, Should You Refinance?

January 13, 2021 by Gina Farrell

How Low Can They Go: With Mortgage Interest Rates Still Dropping, Should You Refinance?Do you have a mortgage? You’ve likely seen or heard a lot about mortgage refinancing as interest rates remained low in recent months.

In today’s blog post we’ll explore the topic of mortgage refinancing, including when you should consider refinancing and how to take advantage of low interest rates.

What is Mortgage Refinancing?

In simple terms, refinancing refers to the practice of taking out a new mortgage and using the proceeds to pay off your old one in its entirety. You’ll go through the full borrowing process with your chosen lender, including the credit check, financial history and employment history in order to ensure that you have the ability to pay your new mortgage – even if your monthly costs are lower.

Depending on your financial goals, you may refinance to tap into some of the equity you’ve built up in your home, or you may refinance in order to secure a new mortgage with a lower interest rate or better payment terms. Whatever the case, know that if you decide to refinance you’ll be engaging with a lender for a brand new mortgage.

When Should I Consider Refinancing My Mortgage?

When you should refinance depends on your reason for refinancing. If you’re looking to reduce your interest rate and your monthly payments, you should refinance your mortgage whenever interest rates drop enough that you will be able to save more in monthly payments then you will be paying in closing costs and fees.

Consulting with a mortgage professional is the best way to understand how much money you can save, but to get a quick idea simply take a look at how much you owe on your mortgage, your current interest rate and the types of rates you may qualify for. If you owe $200,000 at 4% percent interest and you can refinance down to 3% percent you’re going to save a considerable amount over the long term.

How to Take Advantage of Low Interest Rates

Refinancing your mortgage is a major financial decision and not one that should be taken lightly. Careful research is needed to determine if now is best time to switch up your mortgage to one with a lower interest rate.

Filed Under: Mortgage Rates Tagged With: Interest Rates, Mortgage Refinancing, Mortgages

Should I Shorten My Mortgage Term, Important Factors To Consider

January 12, 2021 by Gina Farrell

Should I Shorten My Mortgage Term, Important Factors To ConsiderWhen you first bought your home a few years ago, perhaps you started off with a 30 year mortgage. Now, you are considering refinancing and changing it to a 20 year or even a 15 year mortgage.

Shortening your mortgage term and refinancing can be a smart financial move, but before you make this decision there are a number of factors that you should consider.

Switching to a shorter mortgage will mean that your monthly payments will be higher, but you will be 100% paid off much sooner and you will save thousands of dollars in interest rates. Here are a few of the factors to consider before making this decision:

Has Your Situation Improved?

Perhaps you have moved to a higher paying position, allowing you to earn a higher income and pay off more of your mortgage every month? Or maybe you have received an inheritance, which will help you to make the payments? Perhaps your expenses have gone down and you will have more money left over from your wage?

Whatever the reason, if your financial situation has improved you might want to consider switching to a shorter mortgage. With your spare money, you will be able to make the larger payments and get your house paid off sooner.

Is The Improvement Long Term?

However, it is important to consider whether this improvement will last for the long term. Will your higher wage stay that way for the next several years? Are there any hidden expenses that you are failing to factor in?

You might be set up to repay larger monthly amounts on your mortgage at the moment, but you don’t want to set yourself up for failure in the future if your finances change.

What Are The Refinancing Costs?

Keep in mind that refinancing often comes with costs and fees, so make sure that you subtract these when you are making your calculations. It can sometimes take at least two or three years to recoup the fees, so make sure that you don’t plan on selling your home in the short term.

Can You Get A Better Rate?

One of the advantages of refinancing to a shorter mortgage is that you can sometimes get the opportunity to find a better rate. Perhaps if you have an adjustable rate you will be able to convert it to a fixed rate. Take a look at what is available and ask your financial advisor for help.

These are just a few important factors to consider when it comes to shortening your mortgage term. For more info about your home, contact your trusted mortgage professional.

Filed Under: Home Buyer Tips Tagged With: Home Buyer Tips, Mortgage Rates, Refinancing

  • « Previous Page
  • 1
  • 2
  • 3
  • 4
  • 5
  • …
  • 286
  • Next Page »
Gina

Contact Gina


Sr. Loan Consultant
Independent Funding Group
CALL 714-931-3541

NMLS #296734
DRE#02060065
GET A RATE QUOTE  

Connect with Me!

How can I help?

  • This field is for validation purposes and should be left unchanged.

Calculate Mortgage Payments

Mortgage Calculator

Browse Articles by Category

The Latest Articles

  • 4 Steps to a Smooth Mortgage Refinance at a Rock-Bottom Rate
  • What’s Ahead For Mortgage Rates This Week – January 19, 2021
  • Many Buyers Are Willing To Go Over Their Budget For The Perfect Home
  • What Do You Need To Know About Buying And Selling A Home During The COVID-19 Pandemic?
nmlsconsumeraccess.org
Equal Housing Lender

Our Location

202 Fashion Lane, Ste 106
Tustin, CA 92780

Copyright © 2021 · Powered by MySMARTblog