The Refinance Guideline That Everyone Needs! Educate Yourself and Free Your Finance

Mortgage Refinance Strategy

This Refi advice can be applied across all states from NJ, WA, MI, to AZ! It doesn't matter what state or country you live, this strategy can set you on the path to financial freedom instead of financial failure!

Just because someone says that you qualify for a $250,000 mortgage, doesn't mean you should walk out with it.

Purchase within your means. You will also want to make sure you can save, you should have some reserves set aside in the event the unexpected occurs, either an unforeseen expense or an interruption to your income.

Consider a fixed-rate mortgage. There are adjustable rate mortgages in the market now, however it is a gamble and you don't know what the future is going to hold. The difference between an adjustable rate mortgage and a fixed rate mortgage is just not worth the risk in my opinion.

If you commit to a 30 year fixed-rate mortgage, you can always pay extra principle and that will allow you to pay the mortgage quickly. This gives you the same benefits of the 15 year mortgage, without being locked in to higher 15 year mortgage payments.

What if I already own a home, when is a good time to refinance? There are a few things you want to think about:

How long do you want to be in a home where you have the mortgage? Is it an investment property? How much are my costs to refinance? How much can I improve my rate?

The general rule of thumb is if you can save 1% or more in the interest rate and you are going to own the property for three years or more, you can cover your costs to finance in a reasonable amount of time. (Generally in three years)

Potential problems with your credit history: The first thing you must not assume is that you can't apply for a mortgage because of your credit history. Talk to your loan officer and review your credit history in person. Professionals review your credit history and know how your credit history affects credit score. They also know how to improve your credit score.