Mortgages

Real Estate: Should I Refinance My Mortgage?

(LARCHMONH MAMORONECK PATCH) -  If you’ve ever asked yourself if refinancing your home is a good idea the answer is: you should look into it. Not only could it give you more to live on month to month, but it could also save you thousands on your mortgage in the long run.

A recent survey produced some disturbing results on the state of mortgages in the United States. The report showed that more than half of homeowners are either paying too much for their mortgages or are locked into mortgages that are clearly unsuitable for their needs, income level or financial goals. Research also indicates that the average percentage of someone’s income that goes to mortgage payments has risen 12.6 percent from nine years ago, which is not leaving today’s homeowners much left to live on for themselves and families.

If you don’t relate to these circumstances, there are plenty of other reasons why refinancing could still be in your best interest. Things have probably changed in your life since you signed your original home loan. What were your priorities then might not be what’s most important to you now. Refinancing allows you to change the terms of your mortgage, to suit your lifestyle now.

Refinancing your mortgage can benefit you in many ways, like saving money, increasing cash flow, reducing the time of your mortgage and being able to lock in the low interests of today (4.375 percent, at some banks). But there are certain facts you need to know before deciding on refinancing.

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