Let's Get Real: Part Three- Refinancing

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A term consistently used in the financial space is refinancing. You may hear this term when talking about anything from student loans, debt, and mortgages. Today we are going to cover what refinancing is, and what you need to know when it’s your time to refinance your mortgage?

​What is refinancing?
Refinancing your mortgage means you are replacing your old mortgage with a new one with new terms. Those terms usually are interest rates, varying time periods, and new payment amounts.
 
Why would I need to do this?
If the market is looking better and interest rates are dropping, and your overall credit score is doing well, you may be able to lower your interest rate. You can also consolidate high-interest debt, move into a longer- or shorter-term loan, or cash out and be able to use it towards other things.

​​Are there risks?
You want to do the best for your wallet. You must read the terms and organize long-term goals. There are extra fees, closing costs, and terms that should be evaluated before you make your decision. Consulting with a proper person, such as a mortgage loan officer will help you advise you.
 
 

There is so much information regarding refinancing out there in the world. The best advice- seek someone with loan-focused work, such as banks or individual officers. You must take control of your finances and do what’s best for you. As always, being clear on your current financial status is always best before making any new changes. Using a system like Qube keeps you informed about your money and helps you save. Check it out here. 

Reach out to me if you are looking for a financial coach to assist you here! ​