Coldwell Banker Realty
Coldwell Banker Realty
Jamie Dee Frontiero, Coldwell Banker RealtyPhone: (603) 205-4705
Email: [email protected]

What You Need to Know About Refinancing Your Mortgage

by Jamie Dee Frontiero 11/28/2021

Many homeowners have experienced a moment when they have wished for a lower mortgage payment. With a mortgage refinance, you could effectively lower your monthly payments. Not sure where to begin with refinancing or whether it's right for you? We've got you covered with some tips and considerations.

What is Refinancing?

When you refinance a mortgage, you're essentially taking out a new home loan and assuming its terms. The money from this loan is used to pay off your existing mortgage. A refinance loan with a lower interest rate than your original loan can eventually save you a significant amount of money. Meanwhile, depending on how much equity you have in the home and how much of your original mortgage was paid off, you can significantly lower your monthly payment as well.

Is Refinancing Right For You?

The best way to know for sure is to consult with a loan specialist, who will crunch the numbers based on your current loan, your home's estimated value, current interest rates and other factors. If the amount of money you'd save by refinancing outweighs any closing costs or other fees you would incur by closing on the new loan, it's probably worth refinancing.

How to Move Forward With Refinancing

If you're thinking about refinancing, it's a good idea to consult with a few reputable mortgage lenders to see what loans and interest rates you can qualify for. From there, you will need to fill out a formal loan application. Some lenders may also require an appraisal on your home; if this is the case, be prepared to pay for the appraisal out of your own pocket.

Once the loan is approved, you will go through a similar closing process as you did when you first bought the home. From there, you can begin enjoying lower monthly mortgage payments and a lower interest rate on your loan. Some homeowners will continue to pay their previous mortgage amount in order to pay off their loans early.

About the Author
Author

Jamie Dee Frontiero

Since joining Coldwell Banker, Jamie has distinguished herself as a Top Producing Realtor along the MA North Shore & NH Seacoast. She has been the #1 Selling Agent in her office since 2014 and consistently ranks in the "Top 100" of all Coldwell Banker agents in New England.  Jamie's proven track record of high-annual sales coupled with a genuine respect for her clients sets her apart from other agents...she is known for her tenacity and energy, as well as her contract expertise. Jamie's extensive experience enables her to interpret a wide range of market conditions, price homes correctly and negotiate effectively for her clients, regardless of their property endeavors. 

Jamie knows that in today's competitive Real Estate markets, property presentation has become more important than ever. To ensure all her listings look stunning on line and in person, Jamie includes Professional Staging & Photography services, at no cost to her sellers.  Jamie is highly revered for the quality of her listings...they attract the strongest buyers, sell in the shortest time possible and, for the most money. Over the years Jamie has developed lasting relationships with a dedicated group of Attorneys and Loan Officers as well as ServiceVendors, ready to assist with: pre-listing updates, post-inspection repairs or after-sale improvements. 

If you're looking to make a change in residence & would like to experience a well-managed & successful real estate transaction, Jamie would be delighted to hear from you and honored to represent you!