Today, refinancing your current mortgage is easier than ever. If you thought refinancing meant getting completely lost under mounds of paperwork, think again. We can make your workload lighter and worry free by reducing your interest rate and your monthly payment. Let our team of professionals help guide you to the best refinancing loan that is currently available.
The rules of refinancing have changed over the years, as have the interest rates. There are a number of benefits to refinancing that can make it worth your while.
For instance, when you refinance you could actually lower your interest rate and your current payment. The built-up equity you’ve acquired on your home over the years can be “cashed out” for home improvements, consolidating debts, college, etc.
When refinancing, you’re responsible for similar fees like the ones you’ve paid with your original mortgage. Such as settlement costs, underwriting, title insurance and so on.
A penalty may be incurred if you refinance your current mortgage too quickly. Of course, this depends on the terms of your existing mortgage. In some states, these sort of penalties are illegal. Most of the time they apply only for the first year or so. Northeast Funding Services can help you determine this.
You are able to pay points to get a more reasonable interest rate. This can help you with a possible significant savings. The IRS allows you limited deductions per year, unless the refinance loan is for home improvements. Speaking to your tax professional before deducting points for your federal income taxes would be beneficial at this time.
Northeast Funding Services can help you determine the complexities that refinancing might have on your taxes.