When Should You Refinance Your Mortgage?
March 10, 2020 at 4:00 AM

Thinking of switching to a new home loan? Atlas Crown Mortgage has state-of-the-art technology and a knowledgable team of mortgage experts who are ready to help you make the best refinancing decisions. The prospect of taking out another mortgage to replace your existing one can seem overwhelming, but it doesn't have to be. We're here to offer the information you need to make the right decision about your current loan.

What is refinancing?

Refinancing a loan allows a borrower to take out a new loan to pay off existing debt. 

The process of applying for a refinanced loan is similar to the original mortgage process. Paperwork, financial reporting, and fees are much the same.

Each lending institution has its own products for consumers looking to lower interest rates, consolidate debt, or pay off their mortgage faster. When you work directly with a particular lending institution, your options for refinancing are limited to what they offer.

Atlas Crown Mortgage accesses the programs of over 75 lending institutions and uses technology to match your financial data and lifestyle needs to the product that best fits your circumstances. Our process is streamlined, which means less paperwork and headaches for you.

What are the reasons to consider refinancing?

Homeowners refinance their mortgages to get better terms, reduce monthly payment amounts, or to consolidate debt.

Sometimes the need to refinance a mortgage is unique and personal, but often households seek to refinance for either one or a few of these reasons:

  • Interest rate refinance: if you currently have a high-interest mortgage, you can refinance to take advantage of lower interest rates.
  • Debt consolidation: if you are carrying a large amount of high-interest credit card or personal debt, this option can help lower your overall monthly bills and save you money on interest rates.
  • Pay the mortgage off faster: if your finances have changed and you are able to handle a higher monthly payment, you can refinance to restructure your loan from a 30-year mortgage down to 10 or 15 years. These loans often enjoy much lower interest rates.
  • Eliminate private mortgage insurance (PMI): if you were required to carry private mortgage insurance as a part of your original loan, there are refinancing options that can eliminate this from your mortgage and significantly lower your monthly payments.

Whatever your reason for considering refinancing your mortgage, Atlas Crown Mortgage is the best option for getting the terms you desire.

When is the best time to refinance?

Timing is a very good question when considering refinancing a mortgage. Factors influencing the timing of a refinance include:

  • Whether interest rates may change dramatically in the near future.
  • How long you plan to stay in your home. Will the upfront fees associated with refinancing be worth it if you are planning a move in the near future?
  • Has your credit history and payment schedule changed for better or worse since your current mortgage began?

Atlas Crown Mortgage specializes in helping people make the right decisions about their mortgage options based on their current circumstances and financial goals. Our cutting-edge technology matches mortgage products from over 75 lending institutions with your financial data. We do this with less paperwork and more one-on-one attention to you, the borrower.

We'll give you the information you need to make the right decision, every time. 

What are the upfront costs of refinancing?

Refinancing isn't free. There are upfront costs required to close the deal. Costs differ by the institution and can include:

  • Closing costs of between 3 and 6 percent of the total loan
  • An updated appraisal of the property
  • Title search
  • Application fees
  • Cost of credit reporting services

Atlas Crown Mortgage can help you understand these fees. Then, we'll help you decide if the cost of refinancing is worth the savings you'll enjoy from the terms of the new loan.

Refinancing Services from Atlas Crown Mortgage

The experienced and knowledgable team at Atlas Crown Mortgage is ready to meet with you about refinancing your mortgage. Let us explain the process in person. Then, we'll work with our state-of-the-art system to find the best mortgage for your budget and financial goals.

Our team offers over 25 years of experience in the ever-changing world of mortgage financing. We've built a streamlined system with access to the products of over 75 lending institutions. This means less paperwork, more individualized attention, and more mortgage options to help you achieve your financial goals.

Call or email today to schedule a free consultation.

Let's keep in touch!

Rates fluctuate daily, we'll let you know when it's time to buy, or refinance!