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Is it the right time finance or refinance a home?

man, woman, and child standing outside home with house keys

There are a lot of people wondering if now is the right time to finance their first or next home, or refinance one they already own. If you’re one of those members, we have some advice to help you decide.

Do Some Rate Shopping: Take a look at the rates out there. If you already own a home, compare them to your current rate and term. If rates are low enough to keep your payments affordable, it could be the right time to buy.

Calculate the Fees: Always do the math: add up the appraisal fee, origination fee, attorney fee, and other lender fees. These can add up to thousands. The APR on your loan estimate includes the total fee’s and will help you compare total loan costs between different lenders. It’s important to note how long it will take to pay off those fees, whether you’re buying a home or refinancing.

Choose the Right Loan and Term: Buying or refinancing a home gives you the chance to choose an extended term for bigger monthly savings. But, with the right qualifications, you could choose a shorter term and save tens of thousands in interest payments.

Consult Your Tax Advisor: The interest you pay on your mortgage could be tax deductible. Everyone’s situation is different, so be sure to talk with your tax advisor about your options.