Even though the Carmel and Westfield real estate markets have remained fairly steady through the real estate bubble burst and recession, there are still many Carmel and Westfield homeowners who would benefit from refinancing. We talked recently about knowing your home’s value for when it comes time to sell, but it’s also important to know your home’s value to know if you should refinance. The past few years have seen historically low interest rates and have been ideal for refinancing into a better interest rate and lower mortgage payment. Refinancing can help you get out of a risky loan into a more stable, non-adjusting payment each month.
It’s helpful to know your home’s current value so you can have a good idea of how much equity you have in your home because more equity equals better loan terms for refinancing.
Other criteria a lender will take into consideration for refinancing include outstanding debts, current income and other loans you have, similar to the criteria underwriters use when approving a primary mortgage.
By finding out your home’s current value, you may also discover that selling the home and finding a less expensive home is a better option than refinancing. Please contact me if you would like me to help you determine how much your home is worth and get you in contact with reputable lenders who can help you refinance your home.