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Follow on Google News | 6 Refinance Questions to Ask YourselvesBy: Fainting Goat-Madison's Website design company Before opting to refinance, homeowners should ask themselves the following six questions. 1. Do I have equity in my home? Homeowners need to have at least 20 percent equity in their home to qualify for a new loan without paying private mortgage insurance. 2. Do I have good enough credit? Borrowers' credit scores play a big role in securing a good mortgage rate and to qualify for any type of mortgage at all. 3. What are my financial goals? Make sure to integrate paying off your mortgage with your overall financial plan. 4. How long do I plan to stay in this home? Mortgage professionals generally tell borrowers to expect a home refinance to cost 3 percent to 6 percent of the loan amount. If the breakeven point (when the savings outweigh the costs) is at 15 months and you plan to stay in the home for five years or longer, it is probably worth it to refinance. But if you plan to move in two years, it may not make sense. 5. What are the terms of my current loan? Borrowers with adjustable-rate mortgages or interest-only loans should consider the potential benefit of switching to a fixed-rate loan. 6. Do I have a second mortgage or line of credit? Borrowers with a second mortgage will face additional complexity when refinancing. Borrowers can either pay off the second loan or combine the two loans with a larger first mortgage. The See Team is the premiere real estate team in the greater Madison and Middleton Wisconsin area. We have over 60 years of combined experience in real estate, and we know the towns where you want to buy a new home or sell your home: Madison, Middleton, Verona, Sun Prairie, Waunakee, Fitchburg, Spring Green, Oregon, or any other place in South Central Wisconsin. If you're relocating to the Madison - Middleton Wisconsin area, we'll tell you about our neighborhoods, schools and best places to live. We've lived here all our lives and raise our families here - we'll share with you all we know and make looking for your new home in Dane county a pleasure. If you're looking for the perfect house, home, condo, town home or land for sale in the Madison / Middleton real estate area, we're your team. We also help clients locate commercial property to rent or own. SEE the difference. http://www.seemadisonrealty.com Relocating to Madison - Middleton, Dane County: http://www.seemadisonrealty.com/ End
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