Simply put, it only makes sense to refinance if you’ll end up saving money or solving a problem. Maybe you want to take advantage of a lower interest rates and enjoy a lower monthly payment. Maybe you want to get out of an adjustable-rate mortgage and into a fixed-rate mortgage. Maybe you want to combine two mortgages or just pay off your existing mortgage earlier.
Generally speaking, refinancing may be worthwhile if you can reduce your current mortgage interest rate by at least half a percent. But remember, You’ll have to pay fees from the bank, appraisal, title insurance and more that can typically add up to anywhere from $3,000 to $5,000. You can use a refinance calculator to determine how many months it would take for the savings to repay the cost to refinance.
For more information about a cash-out-refinance, give us a call
at (248) 214-8526. We can answer any questions you may have and determine if a cash-out refinance is right for you.
We look forward to hearing from you.