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Gem Magazine LI is the sparkling new lifestyle magazine for the Long Island woman. Helping real women get the real answers they need - now - Gem is a monthly publication poised to become the trusted resource for women across the Island. From Montauk to Manhattan, women turn to Gem!
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Gem Magazine LI is the sparkling new lifestyle magazine for the Long Island woman. Helping real women get the real answers they need - now - Gem is a monthly publication poised to become the trusted resource for women across the Island. From Montauk to Manhattan, women turn to Gem!
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Refinancing: Is It Right For You?
Just when you thought mortgage interest rates couldn’t possibly get any lower, they dropped again as news of the renewed turmoil in Europe concerning their mounting financial woes and resistance to austerity measures flooded the media once again.
Refinancing your home mortgage to a lower rate may sound great, but it may not always make sense. When considering a refinance, while the rate does matter, so does cost, loan amount and timing. Remember, a refinance almost always involves some fees. In New York State, there is a mortgage tax based on the loan amount, a portion of which is paid by the borrower and the other by the lender. Certain municipalities may also have an additional mortgage tax, as in the case of New York City. In New York, lenders also require title insurance be purchased by the borrower and that an attorney representing their interest be present at the closing to witness the signing of the documents and to protect their stake, also generally paid for by the borrower. An appraisal is required to determine an accurate value of the property based on comparable sales in the neighborhood. The certified appraiser needs to find sales for an identical structure in design, square footage and condition, in very close proximity to the subject property. While appraisals may have been deemed unnecessary in past years, the drastic increase of mortgage defaults has made them almost always mandatory, hence another fee.
While fees like these do add up, refinancing may still make sense, after all it is all about the math. The general rule of thumb is that if you can recoup all the cost involved in less than two years, lower your interest rate by one percentage point and you have no plans of moving or making any lifestyle changes in the near future, a refinance may be right for you. Beware of no-cost offers as they may be offset by a higher interest rate. Also be sure you compare apples to apples. Is the loan program a fixed rate, is there a pre-payment penalty, are you adding to the number of payments or term of the loan? Everyone would like to lower their mortgage payment, but ask a licensed mortgage loan originator to go over the pros and cons using your data to determine if refinancing is the right choice for you.
Rosemarie Kluepfel
NYS Licensed Banking Mortgage Loan Originator
FAIRWAY INDEPENDENT MORTGAGE CORPORATION
631-881-5110
by Rosemarie Kluepfel | Fairway Independent Mortgage Corporation
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