With mortgage rates near record lows, you may want to consider refinancing your mortgage to lock in a lower interest rate. However, it is important to calculate the costs and consider your circumstances before you refinance. The mortgage loan consultants at Premium Mortgage Corporation help customers in Buffalo, Rochester, and Syracuse, NY, and Barre, VT, know when to refinance their mortgages and how to start the refinancing process.
Refinancing is an excellent option to lower your mortgage payments and shorten the length of your loan if you plan on staying in your house for at least a few more years. Because refinancing can cost between 3% and 6% of your home’s price in fees, it’s important to determine if refinancing is beneficial. To determine if you should refinance now, use a mortgage calculator to run the numbers. A mortgage calculator can help you determine your new monthly payments, the amount of money you will save over your loan term, and the number of months until you recoup the cost of refinancing.
If you decide to start the refinancing process, you will want to get offers from multiple lenders to learn their rates, fees, and the types of mortgages they have available. Also, check your credit report to make sure the information is accurate. If you find inaccurate information, dispute the errors as soon as possible.
Once you choose your lender, make sure you have the documents they require, such as two years of tax returns and W2s, proof of home insurance, and your most recent mortgage statement. When you have this information in order, the mortgage loan officer will help you through the rest of the refinancing process.
Let the mortgage loan consultants at Premium Mortgage Corporation help you decide if refinancing is right for you. Give them a call at 1-877-690-7240 to speak to one of their loan officers, or visit their website to view their mortgage calculator.
Corporate Contact Information:
2541 Monroe Avenue, Rochester, NY, 14618
NMLS# 3254 | Equal Housing Lender
Licensed Mortgage Banker NYSDFS