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Are you looking to refinance your loan? Maybe. Check out our three frequently asked questions that you want to ask and this before making the decision. Thank you. Yes. And I also want to have a special offer for you that you can claim simply by watching this video. My name is Janine Sasso, and that’s what I’m a local real estate agent in the northwest suburbs of Chicago. And my mission is to help buyers and sellers connect with their real estate dreams. The first thing we recommend here is that monthly savings are offsetting the settlement cost of who we find. My answer to this question is going to be yes and no.
The biggest thing you have to consider is really how long are you going to be in the home? Generally, if you refinance. Many times people refinance into a new full length mortgage that is going to come 30 years. Now, the interest rate, of course, that you are paying over that term, really big. So while it might be nice to have a lower payment, your interest rate payment that you’re going to be making might be quite a bit more. So really have that in perspective when you are making a decision. How are you going to refinance? Nobody says you have to find it in a third year. Maybe you want to just refinance to keep the payments the same, but that’s a long time got. The second question we sometimes hear is, well, why do I have to refinance and go through a settlement process? Why can’t the lender simply just adjust the mortgage rate based on the market? Well, it’s a good question.
There is a loan called an ARM. It’s an adjustable rate mortgage that actually does just that. Many of us are not big fans of arms, however, because the predictability with them might be not quite right one more time on it. Now, one of the things that all the way with the lender for simply adjusting it is the fact that the paperwork that you signed for the interest rate says it needs to be fixed and it cannot be moved. The only way to get out of it is with a Wi-Fi. And then the next and very last question is, can you rent out your home immediately after a Wi-Fi? And here the answer. It depends. It depends on what your settlement statement is saying on the paperwork.
You sign it simply because you will likely be asked the question, are you going to occupy the property? Also stipulate borrower is to occupy the property for the first 12 months. So if that is the case, then you are not intending to occupy it technically as a mortgage broker.
We’re not going to go there right now, but I want you to be very aware of what these things do come up, however. So maybe sometimes there’s a way to work and the best thing is to talk to your lender and find a solution. Now, hopefully this will helpful if you are in the process of refinancing with your remaining lenders, but also if you are looking to figure out what’s my current home worth because an appraisal will be part of the Wi-Fi process, I highly recommend that you’re going to start your search at our instant home evaluation report, which is absolutely free and gives you a value instantly. You can access it and your homework calculator income, and it’s the first step to making sure you have equity in your house and make sure that you are in a good position when talking to a lender.
My name is Janine Sasso and so I’m a local real estate agent in the northern suburbs of Chicago. And my goal is to connect with sellers and buyers with their real estate dreams
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