Refinancing Your Mortgage

When does it make sense to redo your mortgage? We outline your best options — at your best rates.

Whether you want to take advantage of a lower rate, extend your amortization, or tap the equity in your home, refinancing can be the right choice, for the right reasons.

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Why a Mortgage Refinance May Be Right For You

Thinking of refinancing your mortgage? Well, it’s not a bad idea if it’s for the right reasons! People just like you chose to refinance their mortgage so they can, access some equity or they want better mortgage options.

At Huber Mortgage, I can help you sort out the pros and cons of refinancing and outline the benefits for you. However, it’s not always the best option as costs to process a refinance can add up.

Let me help you navigate through the options and decide if it’s the right choice for you.

The video above was shot when interest rates were in the 2-3% range. Currently, rates are in the 4.5-5.5% range however, the concept is the same.

A careful analysis of costs vs. savings is always required before refinancing.

How a Mortgage Refinance Can Help You

Refinance Pros:

Get a lower rate
Consolidate your higher-interest debts into one low-rate payment
Extend your amortization
Tap into the equity in your home

Let me help you create a strategy so you make an informed, long-term and financially advantageous decision.

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Weighing Mortgage Refinance Options

Refinance Cons:

Possible lender administration and discharge fees
Potential lender pre-payment penalty charges
Legal expenses
Appraisal fees

When assessing whether a mortgage refinance is a good idea or not, we need to ensure that any costs to refinance are outweighed by the overall savings.

Again, decisions need to be informed, long-term and financially advantageous for you.

Refinance does not mean Renewal

Renewing your mortgage and refinancing it are two different things.

Renewing your mortgage is when the term period of your mortgage contract comes up and you have the choice to remain with that lender or shop the mortgage market to ensure you are getting the best rate. I always recommend a second opinion on your mortgage at this time

On the other hand, refinancing means breaking your current terms and conditions to create a new mortgage with new terms and conditions, either with your current lender or a different one.

Refinance can be done at any point during your mortgage term or renewal time, but fees and penalties may apply.