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.
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Jennifer BatesGulfport, MS
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