Refinance? Again?

If you have owned a home over the last decade, there is a good chance that you have slogged through the paperwork jungle also known as refinancing.  Indeed, it is possible that you have refinanced your mortgage multiple times as 30-year mortgage rates fell from over 8% in 2000 to below 4% today.  Well, I’m here to tell you that it’s probably time to do it again.  Ugh!

While it may not be the most fun thing in the world, you are potentially leaving thousands (if not tens of thousands) of dollars on the table if you don’t explore your options in the mortgage marketplace today.  Over the last couple of weeks, we have helped several clients connect with reputable lenders for quotes.  The relationships we have built over time with lending professionals enables our clients to enjoy a relatively streamlined refinancing process.  This helpful service is just one component of our comprehensive wealth management design.

Last week for example, borrowers in Austin with good credit were able to lock-in 3.25% on a conventional 30-year loan with no points.  At 3.5%, you could have received a lender credit to help pay for almost all of the closing costs.   When refinancing, do not increase your mortgage balance by rolling the closing costs into the new loan.  Lowering your interest cost is a good thing, but an equally important goal is to retire the mortgage and live debt-free.

If your current mortgage rate is 4.5% or higher, give us a call.  We would be happy to direct you to a qualified lending professional.  At Bell Wealth Management, we never accept referral fees or commissions.  We just want you to receive the best advice possible–that’s how we roll.