There are many times when the past feels like it’s haunting you! Here at the BRM Lending Team, we don’t want your past decisions to be haunting your financial future. One of the things which can make the biggest difference in terms of your finances is to make sure your mortgage rate is as low as possible and is fixed at that low rate. If you are subject to a variable rate or have made improvements to your credit, you might be able to refinance your mortgage to a more favourable rate, which can help save you money every single month and save huge over the life of your mortgage. Refinancing your mortgage is a big decision, and we hope this will help you decide whether or not refinancing is the best option for you.
One of the things you should consider when it comes to refinancing your mortgage is how long you expect to stay in your home. With most refinancing scenarios, you are going to be required to pay closing costs again, which can be applied to your new loan. You will want to make sure you’re going to stay in the home long enough to break even on the extra amount added, usually about 3-4 years.
Another consideration of refinancing your mortgage should be your existing credit scores. Have they improved? Will your new credit scores allow you to get a better rate? If so, you should consider speaking with a financial professional to see what your payments would be.
Here at the BRM Lending Team, we want to help our clients get the most from their home while securing their financial future. Please talk with us today if you would like to learn more about refinancing your mortgage.