Refinancing Your Gulfport Home
Obtaining a new mortgage for your Gulfport home in place of the original is called refinancing and allows the borrower the option to get a loan with a lower interest rate or better term. Instead of tossing out the original mortgage, the first loan is paid and allows the creation of the second. For those with a perfect credit rating, refinancing can be easy. Borrowers with substantial debt or a less than perfect credit history may find the process to be risky.
What is Refinancing?
In order to reduce your monthly payments, lower your current interest rate, change your mortgage company or use the equity from your Gulfport home for major purchases, you will need to refinance.
What are the Benefits?
One of the major benefits to refinancing is to reduce your current interest rate. Working hard and paying off your bills on time can help consumers increase their credit score and obtain a lower interest rate through a refinance. Lower interest rates can also save a borrower hundreds of dollars a year on their monthly payments. Others find a refinance necessary to obtain cash for major purchases such as home improvement projects, cars or to pay off credit card debt.
Knowing the Risks
There are major risks and penalties in regards to a refinance and you need to be aware of them to determine if it’s financially worth it. Some mortgage companies have a provision that charges a fee for paying down your present mortgage with your home equity credit. Additional costs include attorney and bank fees for handling your paperwork.
How Do I Refinance?
The first step in refinancing is to consider how you’ll obtain the funds to repay the loan. This is especially important for those using the money to pay off credit card debt or major purchases such as a new car or college education. If the money is to be used to renovate your home to increase its value, this can be considered increased revenue upon the sale of the home.
When is the Best Time to Refinance?
Many banks or lenders require the borrower to have secured their original loan for a minimum of 12 months before refinancing. That’s why it’s important to check with your lender first to determine if there are any restrictions for refinancing.
“As a first time home buyer, I didn’t really know of what to expect. After meeting with Amanda and talking with her the first time, I felt comfortable enough to ask lots of questions and she was very patient with me. As we closed on our house today, I cannot be any happier that Amanda’s team is the one that helped me along the way. She has gone above and beyond my expectations. Thank you to your team for a great job!”
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David & Summer Pipkins
We contacted Amanda & Associates in December 2015 and was put in contact with Jordyn Favret. From day one, Jordyn was thorough and professional. She went above and beyond to deal with an extremely difficult seller even spending hours in the evening and on the weekends to close the deal on the property. Jordyn answered all of our questions and when she didn’t know the answer, she made the effort to investigate it and get back with us in a timely manner. She met with the rental manager and viewed …
“The best decision I made was choosing Amanda Hendry and her team as my Realtor for my first time buying a home. They walked me through every step and worked with my mortgage loan officer and with the seller to make sure everything was in order and done in timely manner. My first time buying a home was a journey and not an easy one and Amanda went above and beyond to get me in the home of my dreams. She showed me probably every house on the market in the locations I was searching for several mon…
Jennifer BatesGulfport, MS
After browsing through houses for a few weeks on Zillow, Trulia, Movado, etc. I was feeling so overwhelmed and then God sent an angel! Mary called me out of the blue and I didn’t know what to do but accept her assistance. I am so glad I did! She has made the hassle of house searching and buying such a memorable and enjoyable experience. Mary has been upfront with us about each house we’ve looked at, giving us the positives and negatives. Mary wasn’t just interested in selling us a house. S…
Steven and Sarah Stogner
They do very well in getting the information needed for you so you can decide on the property being reviewed. Very professional and quick to respond. They keep you informed on all steps during the process of the purchase.
“Amanda’s team really went above and beyond for me while trying to sell my house. I live out of state and Amanda was valuable in several aspects, even going as far as checking on the plumbing during the ice storm that struck south Mississippi this past winter. I’m very pleased with the service that was provided and I highly recommend them.”
Amanda and Associates helped me every step of the way through the difficult situation of selling my home. We had a difficult time in dealing with the lender and Amanda’s team made it much easier.
I have worked with Amanda and her team on several transactions, both as a buyer and a seller. They are very proactive, accessible, and responsive. The team knows the market very well, and lays out a well thought out and deliberate strategy to close a deal in a timely manner.
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Andrea & Kyle Woodard