Why it’s good to re-evaluate your mortgage terms regularly

It’s that time of year again. The holidays are over. You’ve rung in the New Year and made your 2017 resolutions. Some of us have goals to lose weight, finally take that dream vacation or visit family more often. Whatever your resolution is, it won’t happen without taking action. We often look at our health and try to overhaul our lifestyles to make them “better.” But, what about your finances? If you own a home, your current mortgage payment plays a role in how much money you have to achieve your short-term goals for the upcoming year.

A financial check-up is more than just setting a budget

When we think of our finances, many of us think about our monthly budget in the realm of credit cards, car payments, utility bills, family expenses and our mortgage payment. We look for ways to cut down our credit card debt; pay off smaller balances, negotiate better terms, etc. Do we really need cable or can Netflix or Hulu replace it? Should we really forgo our Starbucks coffee once a week in order to save a few dollars? Over time this can really add up right? Maybe, but it will not save as much as you could if your mortgage payment was up to hundreds less per month.

A cash out refinance could be just what’s needed to take your dream vacation this year.
A cash out refinance could be just what’s needed to take your dream vacation this year.

Looking at it from that perspective it makes sense to re-evaluate your mortgage on a consistent basis to ensure you are paying the right rate for your financial situation. So, take the time to research current mortgage rates. How do they stack up to what you are currently paying? Your home is likely your biggest investment. Not regularly monitoring your mortgage could cost you thousands of dollars. Using a mortgage refinance calculator to quickly determine your estimated savings can really put those dollars into perspective.

Look for an experienced lender to answer your refinancing questions

Most importantly, talk to a lender you can trust to help you determine if refinancing is right for you.  Ask questions such as:

  • If I have a second mortgage can I refinance my home?
  • How long is the refinance process?
  • What kind of documentation do I need to provide?
  • Can I take out cash with my refinance?

A cashout refinance could pay for that dream vacation and a lower mortgage interest rate could help you achieve your 2017 financial goals. No need to put Starbucks on hold after all.

If you would like to see if refinancing is right for you, talk to the lending experts at Lenox/WesLend Financial or call 844-225-3669. As heard on the radio, it’s the biggest no-brainer in the history of mankind.