Should We Refinance or Not?

Deciding whether or not to refinance can be confusing. We want to help you be a smart consumer by providing you with the answers to frequently asked questions.

 

We can help you by running different amortization schedules so you will know exactly what you will be saving or gaining. There will be no surprises. Refinancing is actually a very quick process and you could be out from underneath credit card debt in less than 3 weeks. 

Refinance Considerations

When you're making your decision, there are several things in mind.

First, even a small rate cut can pay off quickly. That's because you can easily find mortgage companies willing to waive routine refinancing charges such as application, appraisal and legal fees (which can add up to $1,500 to $3,000). Of course, in exchange for low or no up-front costs, you'll have to be willing to accept a rate that's somewhat higher than the prevailing rock bottom.

Second, if you are planning to stay in your home for at least three to five years, it may make sense to pay "points" (a point equals 1% of the loan amount) and closing costs to get the lowest available rate.

And third, you can avoid laying out cash and still get a low rate by adding the points and closing costs to your new mortgage. Does that mean shouldering a lot of extra debt? Not necessarily. If you've had your current mortgage for at least three years, you've probably reduced your balance by several thousand dollars. So you may be able to tack your closing costs onto your new loan and still end up with a mortgage that's smaller than your original one -- plus, of course, a lower rate and lower monthly payment.

 

Refinance Toolkit

Just email us and say I want your Refinance Toolkit please & tell us the price range of home you are looking to purchase in.

 

Mortgage Information

Yes - You Can Buy a Home ZERO down...Free Recorded message (541) 883-3421 Ext. 3007

Did you know...

For FREE Mortgage Pre-qualification please fill out the form below:          

Free On-Line Pre-Qualification

Confidential information used for credit analysis only between you and our financing company.
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Please initial below. By initialing you authorize UMCOA to obtain a credit report to assist in the pre-qualification determination.  This credit report is for pre-qualification purposes only.  If we proceed with a full application, a full factual data credit report may be ordered as part of the mortgage application process. A pre-qualification in not a commitment for a loan.  All commitments are issued in writing after the application has been fully processed and approved.

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Utilize the Free Home Finder Service to help locate the home of your dreams. Call the 24 hour recorded message to find out more about the Home Finder Service. (541) 883-3421 ext. 2010