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January 21, 2006
The latest rage in refinancing: The cash-out
Worried about rising mortgage rates? Thinking about buying or refinancing?
Here are some things to consider:
- What are the long-term effects of your current mortgage situation
in relation to your long-term financial goals?
- Make sure your lender writes everything down in dollars. What
is the total cost? How will a refinanced loan improve your current
situation? How will it benefit you over the next five years or
more?
- If you have an adjustable rate mortgage (ARM), when does the
rate adjust?
- If you plan to stay in the home, how does your current payment
compare with moving to a fixed rate today?• If you have
an interest-only mortgage or two interest-only loans, what happens
to your payment when the interest-only period ends? How much are
you giving up in equity growth, and how is that going to affect
you over the long term?
Sources: Kris Wilson, Summit Mortgage,
Bloomington; Cliff Morse, American Home Mortgage, Eden Prairie
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