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Fran Rokicki, Terrific Realtor Blog

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By Fran Rokicki | Broker in Manchester, CT

When to Refinance?


A good rule of thumb for the answer to this question is, if your present interest rate is 2% or more, than the current offered mortgage rate.  The mortgage rates now, are hovering around 4%.

If you have a 2nd mortgage or line of credit on your home, you may want to ask a banker if it can be rolled into one mortgage.  Variable rate on your current mortgage?  You may want to switch that into a fixed rate, since they have become so low.

Another good product, is mortgage companies who offer a program that will allow you to make the mortgage payment, several times each month.  They take the amount, by dividing your mortgage payment and taking half, or a quarter of the amount, each time that they draw the payment.  For instance, your payment is $2200.  Instead of paying that once a month, you would pay $1100 on the 1st of the month and then, another $1100 on the 15th of the month.  The payment is immediately applied to your mortgage loan, thereby, reducing some of the interest that you would be paying the bank. Some banks charge a fee for this service, Wells Fargo, does not.
                                                   Wells Fargo Reps at the Buffini Success Seminar in Hartford Ct

There is another program if you are an FHA mortgage holder.  It is called a Streamline FHA.  Everything in your life, financially, must be the same.  Same job, same good credit, etc. This could save you monies, again, due to the low interest rates.

Another program is called, HARP.  This program will refinance your home, if there are changes since you purchased your home, in your life, financially.  Here's the bonus.  No appraisal.

Hope this has helped some of you, to decide on your financial future.  The numbers will work and will save you monies!  Contact your banker, or if you need a good referral to a banker, contact me for a few names.
                                                                                               
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Fran, Ct Broker

Oh, by the way...if you know of someone who could use my good services, please offer me their contact information.  I will be happy to assist them for you.  I am never too busy for your referrals!TM

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