Here are some tips and strategies that save you money when you are in the market to refinance your home loan:
- Don’t get caught in the trap of consuming your home equity by getting deeper into debt to go on vacation, purchase unnecessary items and spread out your car loans and credit card balances over 30 years. As a Certified Mortgage Planner, I help you implement viable refinancing strategies to conserve your home equity, build greater wealth and achieve your goals in life.
- Understand that you may need to pay higher fees or interest rates if you are getting cash out of your home equity vs. simply paying off the current balance. Also, you may lose the interest tax deduction on cash-out funds in excess of $100,000. I am able to help you structure your refinancing transaction to give you the best overall financial impact for your individual circumstances.
- I will help you evaluate the mortgage products that will work best in your situation. Remember, it is far better to implement the best strategy with competitive interest rates than for you to shop for the lowest rate with the wrong strategy.
- Know your credit score! You may be able to get a better mortgage rate and more favorable loan terms by restructuring some of your balances on credit cards, car loans, etc.