QUESTIONS TO ASK BEFORE REFINANCING YOUR HOME
Thinking about refinancing your home this summer but not sure if it’s a good time? Now is a great time to considerrefinancing your home because interest rates are luckily still at historic lows. According to the Freddie Mac weekly mortgage rate survey, the average rate for a 30-year, fixed-rate mortgage was 3.87 percent in the last week, and the average rate for a 15-year mortgage was 3.11 percent. If you're currently paying an interest rate of more than five percent and are considering refinancing, here are 3 questions to ask before refinancing your home.
1.) Will it save you money?
Before you refinance your home mortgage, Tucson property managers recommend you figure out if it will actually save you money. Calculate whether a refinanced loan will save you money based on the time left to pay off your old loan and whether or not you’ll have lower more manageable monthly payments.
2.) Is your credit score on point?
Your credit score plays a huge part in determining what rate you get on your new loan. Before you even apply for refinancing, get a free copy of your credit report and confirm there are no errors that could prevent you from getting the lowest rate possible. Any discrepancies should be addressed as soon as possible before applying and be sure they’ve been cleared up before moving forward.
3.) Are your documents ready?
Refinancing your mortgage requires a lot of paperwork. So Tucson property management companies recommend that you follow the Boy Scout’s motto and “be prepared.” Gather your important documents such as proof of income, tax returns, bank statements and more and keep them all organized together or scanned in a safe online folder. Missing documents will only slow down the refinancing process.
Have you pondered the 3 questions to ask before refinancing your home but still find yourself with questions? Are you considering refinancing so you canrent out your Tucson home and have it managed by quality Tucson property managers? Contact the Simply Property Management- Paielli Realty, Inc. Team today and we’ll assist you with the process every step of the way! - Greg