Smart Ways To Refinance
What Are Some Smart Ways to Refinance?  Forward and Reverse Mortgages are excellent Financial Planning tools.
Fixed mortgages are near their lowest rates in almost 30 years. And if you are one of the many people who took out mortgages in the few years prior to that, you may be wondering if you should look into refinancing. If your mortgage was taken out within the past five years, it may be worthwhile to refinance if you can get financing that is at least .75% or lower than your current interest rate. You should plan on staying in the house long enough to pay off the loan transaction charges (points, title insurance, attorney’s fees, etc.). A fixed-rate mortgage could be your best bet in a rising interest rate environment, if you plan to stay in the house for several years. An adjustable mortgage may suit you if you will be moving within a few years, but you need to ensure that you will be able to handle increasingly higher payments should interest rates rise. Older Americans often hold onto their home as a 'nest egg', in case they need extra money. But when that “rainy day” arrives, how do you tap the equity in your home? Some people may tell you to sell the house and move to assisted living or a nursing home. However, there is another option. If you’ve owned your house for many years, it could be worth a lot more than you paid to buy it. Home equity is the difference between the appraised value of your home and what you owe on any mortgages. A reverse mortgage can help you convert some of your home equity into cash and continue to live at home for as long as you want. Some seniors think they can't afford to purchase a more suitable primary residence, but they can. A Home Equity Conversion Mortgage (HECM) could provide just the type of financing they need. I make it easy for you because there are no credit or income restrictions and the paperwork is much the same as a forward mortgage programWe can help! If you’re considering refinancing your current mortgage, call us for a no-cost consultation to help you determine whether refinancing your home would be a suitable option for you. As a licensed Mortgage Loan Originator with Spectra Financial, Inc. Jack offers both Forward and Reverse mortgage programs and provides clients with access to over 30 lenders to help them get competitive rates and terms on the right loan program. Jack's NMLS # 3223773
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