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Just as deciding when to take advantage of 4th and goal, refinancing a home has many opportunities and pitfalls.
The reason you might consider a refinance is that you want to pay less interest. Or, if you need to put some money towards another expense, you can take some money out of your house. It’s even possible you want to shorten your term.
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These are all good reasons to refinance. However, if you want to maximize these benefits, as well as take advantage of the current market, which favors refinancers since mortgage rates are at record lows, you could make a hasty decision that’s not right for you.
Considering a home refinance now? Here are twelve costly mistakes you should avoid so you can score a touchdown with a refi.
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Taking only interest rates into account.
Whenever interest rates drop, many people think about refinancing. A lower interest rate might lower your monthly mortgage payment, but there are other things that will affect it. For example, there might be a drop in interest rates, but are they below what you financed your home at? Did your credit score drop since you first financed your house? Can you cover closing costs with your savings?
Remember, getting a refinance is like getting a new loan. That means you’ll have to pay closing costs and your lender will look at your credit score. Therefore, before you refinance, make sure you compare your current interest rate …….