KNOWING WHEN IT'S TIME TO REFINANCE
A) tHERE IS MORE TO A SENSIBLE REFINANCE THAN JUST THE RATE AND THE TERM
I) THE TRUTH BETWEEN GOING WITH A LOAN WITHOUT CLOSING COSTS VS A LOAN WITH CLOSING COSTS.
II) hOW MANY MONTHS HAVE ALREADY BEEN PAID ON THE MORTGAGE?
III) iS IT BETTER TO RESTART THE TERM, MAINTAIN THE CURRENT NUMBER OF REMAINING PAYMENTS, OR SHORTEN THE TERM
IV) 'ACTUAL' SAVINGS VS SELECTED TERM OF NEW LOAN
V) dOES IT ALWAYS MAKE SENSE TO SELECT A LOWER RATE WITH A SHORTER TERM?
B) WHEN TO TAKE CASH-OUT:
I) Is it always good to use the equity in your house to pay off debt?
ii) what types of purchases make the most sense when using the equity of your home?
iii) emergencies
(Please remember, It's always better to consult a financial adviser when addressing the above questions than to rely on a mortgage professional, as mortgage professionals are not qualified to advise on these issues)
c) available programs and what works best for you
i) fixed rate mortgages
ii) adjustable rate mortgages
iii) home equity lines of credit
d) affect of your credit scores
