Whether or not you should refinance your home loan really depends on your situation and what you are trying to achieve. Before attempting to refinance, you should really understand what your goal with the refinance is so that you can determine whether or not the refinance makes sense.
There are many different situations and reasons to refinance. Each has its own pros and cons.
Whenever we talk to our customers about refinancing their home loans, one of the most important concerns to address is the cost to refinance. In a refinance scenario, the cost of the refinance is as important as the interest rate. There are many lenders operating in the market that will tell you that the option they are presenting to you is a “no-cost” or “low cost” refinance. For the consumer, you have to determine whether they are talking about “out-of-pocket cost” or actual loan fees. The best way to determine this is to get a written estimate of all costs.
The flip side of the refinance coin is situations that don’t necessarily require a refinance.
“Aaron went above and did what he could to make a refinance happen for us, when our bank would not. The process was easy to understand and moved quickly.”
Heidi H - Bend, Oregon