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Frank Scozzaro: “Should I or shouldn’t I? Like many people, there’s a good chance you’ve put some thought into refinancing your home over the years. Many people think about it but few act on it–primarily because they simply don’t have answers to the question of whether it’s the “right” thing to do.”
Here are several things to keep in mind when deciding whether to refinance your home by Frank Scozzaro:
First, even a small rate cut can pay off quickly! That’s because many mortgage companies are willing to waive routine refinancing charges such as application, appraisal and legal fees (which can add up to $3,000). In exchange for low or no upfront costs, however, you’ll need to be willing to accept a rate that’s somewhat higher than the prevailing rock bottom, informs Frank Scozzaro.

That said, if you are planning to stay in your home for at least three to five more years, it might make sense to pay “points” (one point equals 1% of the loan amount) and closing costs to get the lowest available rate. You can avoid laying out cash and still get a low rate by adding the points and closing costs to your new mortgage. Does that mean taking on a lot of extra debt?
Not necessarily.

If you’ve had your current mortgage for at least three years, you’ve probably reduced your balance by several thousand dollars. You might be able to tack your closing costs onto your new loan and still end up with a mortgage that’s smaller than your original one–plus a lower rate and monthly payment.

Ready to refinance? Call Frank Scozzaro today at 262-308-2667 to discuss the options! Frank Scozzaro would be happy to help in any way he can!

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