A Question Many St. Louis Homeowners Are Asking Themselves: Should We Refinance?
When refinancing your St. Louis mortgage, you must look at the big picture to see if it really makes financial sense for you. Since rates are at an all time low, many people are considering it. Here are some ways to help you decide if it will benefit you or not.
The first step to consider is to call a professional. Ryan Nolting, at Wells Fargo, may be your answer for a refinance of your St Louis home mortgage. He will analyze your unique situation to determine if a refinance is a good idea. Ryan can be reached at 314-267-4300.
Another concern homeowners have is in regards to the value of their home. Do I have enough equity in a declining market to refinance? If you’d like a free anaysis of your St. Louis home value, we can help — just follow this link.
If you have plans to pay off your mortgage in the next few years it makes no sense for you, as you will not be able to recover the re-financing fees in time. Same thing goes if you are planning to move in the next few years.
If you are planning to stay in your home for many years and currently have an Adjustable Rate Mortgage, then refinancing to a 30-Year Fixed is a very good option for you. Refinancing may not lower your monthly payments by all that much, but you may sleep better knowing that those payments will never go up.
Another good reason to refinance is if you are currently paying a very high rate. A very good rule of thumb is to calculate your costs and make sure that you can earn back the roughly $2,000 in fees that you will pay, within two to three years.
Two other things to consider are that if you are paying less interest over time, you will pay more taxes. Also, money that you pay in refinancing fees could be invested instead. Think of the return on that sum you could earn over thirty years!
Of course, I’m never too busy to talk to you about your real estate and refinancing needs, just call me at 314.267.2636
Russell
Category : finance &Home Buyer and Seller Tips &Lenders in St. Louis &Mortgages St. Louis
