When Should You Consider Refinancing?
If you’re like most New Jersey homeowners, you are considering refinancing now in order to take full advantage of the record low interest rates. However, like any smart financial advisor will tell you, just because NJ mortgage rates are at an all-time low, that doesn’t mean you should refinance your New Jersey home mortgage loan right now. In fact, opting for a refi loan at the wrong time can spell trouble for you and your family’s financial future. So, when is the right time to refinance?
When You Have Good Credit
While bad credit refinancing is an option, you stand the best chance of getting a good refi loan with good terms and the best NJ mortgage rates by possessing a good FICO score. If your credit doesn’t cut it, you should take steps to improve your credit before considering a home loan refinance.
When You’re in it for the Long Haul
In order to receive significant financial benefits from the refinancing process, you must be able to recoup your closing costs through many months (usually years) of lower mortgage payments. Often, it does not make financial sense for a homeowner to refinance unless they are planning to make a significant time investment.
When Rates Are Low
It is hard to pass up the current mortgage interest rates, and if you have a decent credit score and are planning on spending a number of years in your home, you may want to consider a refi loan in order to take advantage of the lowest NJ mortgage rates. Mainly, lower rates can help you achieve a lower monthly payment and also lead to lower overall interest paid on your refi loan.
Refinancing can be a viable way to lower your monthly mortgage payments and decrease your overall debt burden. However, it is important that you do your homework and make sure that refinancing now is the right fit for you and your current financial goals.
Avoid Unnecessary Costs
Don’t fall prey to junk fees and unnecessary markups when closing on your New Jersey home mortgage loan. Learn the mortgage “insider” lingo so that you can approach your home loan refi like a pro. With the help of a mortgage broker with over 27 years of experience in the industry, I have put together a 6-part video series that will walk you step-by-step through the refinancing process and teach you how to obtain a wholesale mortgage rate with no junk fees.
Register today for my FREE Underground Mortgage videos and learn how to avoid unnecessary junk fees.
I guarantee 100% that you’ll get the best
NJ mortgage rates available.
My name is Rob Regehr and I’m a personal finance writer with a chip on my shoulder for banks and brokers that take advantage of my friends and neighbors.
