When does a mortgage refinance make financial sense for Virgina Homeowners?
A mortgage refinance makes sense where your goals and overall plan for your home meet in the middle. Every persons financial situation is different but typically a mortgage refinance can be good for homeowners looking to lower monthly payments and overall interest cost of the loan.
However homeowners must know there is a “cost of refinancing” that has to be considered.
Here are my general rules of thumb for FHA streamline Refinance, VA Streamline Refinance, or Conventional Loan Refinance
1. Have you owned the home less than five years?
2. Will you recoup the investment/cost in less than the future you plan to move?
3. Is the rate at least a half or point lower than your current interest rate?
There are other scenarios to consider such as converting an adjustable rate mortgage to a fixed rate, or going from a fifteen year to a thirty year and vice versa.
Or the newly upgraded HARP 2.0 Refinance for underwater homeowners in Virginia.
Here is our mortgage refinance calculator to run your scenario. Need more information for your specific mortgasge refinance scenario call 703-497-3936 I will be glad to run the numbers, afterall the numbers DON'T LIE.