Refinancing
Refinancing Your Home
There are many good reasons to refinance. Perhaps you’re looking to lower your monthly payment. Maybe you’re considering taking equity out of your home to fund an improvement project, pay for your child’s tuition, or start a business. Perhaps you want to move to a fixed-rate loan, gain short-term savings through an adjustable-rate mortgage, or eliminate the need for mortgage insurance. Whatever the reason, you’ll want to make sure that refinancing will benefit for you in the long run.
Many factors go into the decision, including your equity, credit score and more—and everyone’s situation is unique—so after reading through your options, give me a call and I’ll tailor a recommendation and product that is perfect for your circumstances.
Let’s explore.
Refinancing Your Home
There are many good reasons to refinance. Perhaps you’re looking to lower your monthly payment. Maybe you’re considering taking equity out of your home to fund an improvement project, pay for your child’s tuition, or start a business. Perhaps you want to move to a fixed-rate loan, gain short-term savings through an adjustable-rate mortgage, or eliminate the need for mortgage insurance. Whatever the reason, you’ll want to make sure that refinancing will benefit for you in the long run.
Many factors go into the decision, including your equity, credit score and more—and everyone’s situation is unique—so after reading through your options, give me a call and I’ll tailor a recommendation and product that is perfect for your circumstances.
Let’s explore.
I WANT TO
Lower My Monthly Payments.
Sounds great, right? We’d all like to lower our monthly payments. But first you’ll need to determine whether the cost of the loan is worth the savings. Traditionally, the rule of thumb held that refinancing made sense only if you could reduce your loan interest by 2 percentage points. That’s changed. Today’s products are more flexible, and there are a variety of other considerations that should go into your decision.
I WANT TO
Take Out Equity For A Specific Reason.
Each monthly mortgage payment you make increases the equity you have in your home. At the same time, when the housing market is on an upswing, your home’s value increases, which means it may be worth more than when you bought it. You can free up some of this money by refinancing, and use the money for other purposes, such as tuition, a home improvement project, a vacation property, or to pay off debts that have non-tax-deductible interest costs. (The interest you pay on home loans is tax deductible.)
I WANT TO
Take Out Equity For A Specific Reason.
Each monthly mortgage payment you make increases the equity you have in your home. At the same time, when the housing market is on an upswing, your home’s value increases, which means it may be worth more than when you bought it. You can free up some of this money by refinancing, and use the money for other purposes, such as tuition, a home improvement project, a vacation property, or to pay off debts that have non-tax-deductible interest costs. (The interest you pay on home loans is tax deductible.)
I WANT TO
Get A Fixed-Rate Loan Or An ARM.
If you have an adjustable-rate mortgage, you are probably pretty happy with your interest rate. However, periodic rate changes and the possibility of future rate hikes might make you uneasy. Switching to a fixed-rate loan could be beneficial, but there are a host of things to consider. Probably the biggest: How long do you plan on staying in your home? There are adjustable-rate mortgages that provide a fixed rate for a set period—five years, for example—and then change to an adjustable rate thereafter.
Is a fixed-rate loan or ARM right for you? Contact us today for a personalized assessment.
I WANT TO
Refinance To Eliminate Mortgage Insurance.
If you purchased your home with a down payment of less than 20 percent, you most likely were required to have mortgage insurance. However, as you build equity in your home and reach the point where you have more than 20 percent, you can refinance to eliminate the insurance requirement. Too, if the value of your home has risen 20 percent or more due to a favorable housing market, you have already built up equity based on the simple fact that your house is worth more than when you bought it. If this is the case, you may not be able to cancel your mortgage insurance, but you may have the option to refinance and use the equity as a down payment and eliminate the need for insurance. This makes especially good sense if you can get a better interest rate in addition to eliminating the need for mortgage insurance.
I WANT TO
Refinance To Eliminate Mortgage Insurance.
If you purchased your home with a down payment of less than 20 percent, you most likely were required to have mortgage insurance. However, as you build equity in your home and reach the point where you have more than 20 percent, you can refinance to eliminate the insurance requirement. Too, if the value of your home has risen 20 percent or more due to a favorable housing market, you have already built up equity based on the simple fact that your house is worth more than when you bought it. If this is the case, you may not be able to cancel your mortgage insurance, but you may have the option to refinance and use the equity as a down payment and eliminate the need for insurance. This makes especially good sense if you can get a better interest rate in addition to eliminating the need for mortgage insurance.
Does refinancing make sense for you? That depends on a lot of factors that we can explore together. Call Smart Money Funding today at 860.224.4004 for a custom analysis and a personalized, expert recommendation.
Does refinancing make sense for you? That depends on a lot of factors that we can explore together. Call Smart Money Funding today at 860.224.4004 for a custom analysis and a personalized, expert recommendation.
Gianfranco is simply AMAZING! From the first day I started working with him it has been a pleasure. He is always very personable with my clients, he explains everything in detail and he even meets with my clients in person if they prefer.
I never have to worry about an extension most of the time we get the clear to close ahead of time 😊 He does all types of loans, CHFA, FHA, VA, Conventional 3%, Conventional, rehab even hard money loans for investors. His closing costs are super fair and his rates are super competitive. If you are looking for a great lender, Gianfranco and his TEAM are the perfect combination for a smooth transaction, you will not regret it!
I’ve been on the Real Estate business for 15 years and have used several lenders, until I met Gianfranco DiDomenico. Gianfranco is the most proactive, detailed and responsive lender I know. Gianfranco treats every buyer and Realtor like that are the only client and delivers everything he promises and on time or before. I highly recommend this wonderful man for a fantastic experience.
Recently we have used financial services of Gianfranco DiDomenico and can say he is a real expert in his field. Not only that, he is also the nicest person of all. Highly professional as per our experience and very willing man. Right to the point to move everything smoothly and quickly! Yes, we definitely would recommend him!
Gianfranco was very helpful throughout the whole process and responded very promptly to any questions I had.
The Smart Money team are true professionals! Whether you have a client that is a first time buyer or an investor with multiple properties, Gianfranco is knowledgeable, responsive, diligent and a definite team player!
Gianfranco is simply AMAZING! From the first day I started working with him it has been a pleasure. He is always very personable with my clients, he explains everything in detail and he even meets with my clients in person if they prefer.
I never have to worry about an extension most of the time we get the clear to close ahead of time 😊 He does all types of loans, CHFA, FHA, VA, Conventional 3%, Conventional, rehab even hard money loans for investors. His closing costs are super fair and his rates are super competitive. If you are looking for a great lender, Gianfranco and his TEAM are the perfect combination for a smooth transaction, you will not regret it!
I’ve been on the Real Estate business for 15 years and have used several lenders, until I met Gianfranco DiDomenico. Gianfranco is the most proactive, detailed and responsive lender I know. Gianfranco treats every buyer and Realtor like that are the only client and delivers everything he promises and on time or before. I highly recommend this wonderful man for a fantastic experience.
Recently we have used financial services of Gianfranco DiDomenico and can say he is a real expert in his field. Not only that, he is also the nicest person of all. Highly professional as per our experience and very willing man. Right to the point to move everything smoothly and quickly! Yes, we definitely would recommend him!
Gianfranco was very helpful throughout the whole process and responded very promptly to any questions I had.
The Smart Money team are true professionals! Whether you have a client that is a first time buyer or an investor with multiple properties, Gianfranco is knowledgeable, responsive, diligent and a definite team player!
