If you want to get a second mortgage so you can make renovations to your home, it can be difficult if you have poor credit.A second mortgage can use a home’s equity as collateral for a second
7 Out Of 50 Could Save Money
It is estimated that seven million out of 50 million homeowners could save money by refinancing their existing mortgages. Obviously, if the replacement mortgage has a lower rate than your existing one, you will save money.
If you bought a home before 2011 and are paying mortgage insurance, you should investigate refinancing to eliminate that requirement. Even if you don’t get a lower interest rate, the savings could amount to hundreds of dollars a month.
If a home you purchased since 2011 has appreciated enough, it could easily justify refinancing to eliminate the required mortgage insurance. Most loans don’t require mortgage insurance if the loan-to-value is 80% or less. There are some programs for 90% mortgages that don’t require mortgage insurance. It is certainly worth investigating with a trusted mortgage professional.
Continuing to pay mortgage insurance that could be eliminated is like having a broken cell phone and continuing to make the monthly payments for something you can’t use and don’t need.
If your current mortgage is several years old, instead of getting a new 30 year mortgage, you might consider a 15-year term. The money you save with a lower interest rate could help you to retire your loan in a shorter time so that your home would be paid for.
“My mission is to develop long-term client relationships by providing the most professional, informative, loyal and dedicated service in the real estate industry.” As a full service real estate....
Latest Blog Posts
The Pawcatuck Real Estate Market Report is a monthly statement of the average sales price, the median list price and the median price per square foot for Pawcatuck homes for sale.