Like many Americans, you have probably wondered if end of year refinancing would result in a better monthly payment, lower interest, and an overall better financial situation for you and your family.
However, December might truly be the best time to consider your options and decide if refinancing is the right next step.
Is End of Year Refinancing Right for You?
When the holiday season comes around, budgets tend to get tighter and people start to look for ways to find more money and might consider looking at the possibility of refinancing their home. Before deciding whether end of year refinancing is right for you, there are a few things you should consider and ask yourself:
- What are the goals of my refinance?
- Can I get more favorable loan terms?
- Can I reduce my monthly payment?
These questions should help you decide not only if these winter months are the right time, but also if you are doing it for the right reasons that will benefit you in the future.
To get the answers to these questions, you should call your lender and talk with an expert about the refinancing process, your options, and what you can do to help receive a more favorable loan.
Consider the Costs of Refinancing
Another thing to consider is that refinancing a home is a long-term investment and there are costs involved in refinancing, such as application fees, insurance (such as title, homeowner’s, and mortgage), deposits, and more.
Preparation for End of Year Refinancing
If you decide to go further into the application process for a refinance, there are a few things to prepare before talking to your lender this winter.
Check Credit Score
Of course, you should check your credit score because of the impact it has on qualifying for a refinance.
As with all mortgages, it will require a good amount of paperwork. So, prepare your documents ahead of time, such as income verification, debts, assets, and some of the required paperwork from your lender to help speed up the process.
You can always ask your lender for the required documents to get a better idea of what you need.
Lastly, do your research to find the right lender to do your mortgage refinance and make sure you go with someone trusted, fair, and who will give you the relief and benefits you are looking for.
Winter can be a great time to refinance your home, but you need to be prepared and know what you want before starting the process. Call your local lender to start the discussion and have your questions answered about refinancing your home today.
For further information on the mortgage rates and real estate, get in touch with one of the title and escrow specialists at Plymouth Title Guaranty Corporation.
Please note: The safety of our staff and clients is our highest priority. Effective immediately, Plymouth Title Guaranty Corp. will be taking the following precautions to limit the spread of the COVID-19 virus:
All purchase transactions need to take place at a Plymouth Title Guaranty Corp. closing office
- If a party to the closing is not feeling well, please contact your closer prior to the closing so appropriate precautions can be taken.
- We ask visitors to utilize the restroom in our building upon arrival to thoroughly wash hands before entering our office.
- Only individuals required to sign and/or deliver documents at closings will be allowed in our office. Specifically, closings will be limited to borrower(s), seller(s), agents, and lenders.
- All pens used in the closing will be given to the client after use.
- All closing rooms will be cleaned and disinfected in-between each closing.
- Those picking up checks at our office will be instructed to call our main line and request to speak to a staff member who will plan for delivery to the lobby or parking lot of our office.
- All staff will refrain from shaking hands before or after closings and ask clients do the same.
Please be advised that our staffing may be impacted during this unprecedented event. While we are committed to continuing to provide outstanding service, we ask for your patience in the face of this pandemic.