Thinking of Refinancing? Here Are Some Things to Consider!

Have you been thinking about refinancing your mortgage? A refinance is often worth its cost several times over, because of the advantages that it brings, as well as a lower interest rate. If refinancing your home at the Lake of the Ozarks is something you are interested in, please call MHQ - Mortgage Headquarters today at (573) 302-9990. In the meantime, keep reading to learn more about refinancing and whether or not it is right for you.

The Benefits of Refinancing

When you refinance, you could be able to reduce the interest rate and monthly payment amount, sometimes by a lot. You may also be able to "cash out" some of your equity, which you are able to use to take care of higher interest debt, make home improvements, or take a vacation. You might be able to refinance to a shorter-term mortgage loan, enabling you to add to your equity quicker.

The Fees and Expenses with Refinancing

As you probably expect, you will have some fees and expenses during the refinance process. You'll have to pay the same types of expenses and fees as you did with your existing home loan. Among these may be settlement costs, an appraisal, lender's title insurance, underwriting fees, and so on.

Doing the Math Behind Refinancing

Paying points can help you attain a lower interest rate. Your savings over the life of the loan may be significant if you have paid upfront about three percent of the new loan balance. You may have heard that these points may be tax deductible, but since tax regulations can be difficult to keep up with, please consult your tax professional before making any decisions based on this. Speaking of taxes, if your interest rate is reduced, it follows that you'll also be lowering the interest amount that you can deduct on your federal income taxes. This is another cost that some borrowers take into account.


MHQ - Mortgage Headquarters is Here For Your Home Refinance!

It's important to understand that in the end, for most borrowers, the total of up-front costs to refinance will be made up very quickly in monthly savings. Our Lake of the Ozarks mortgage lenders can help you explore your options, considering the effect a refinance may have on your taxes if you are likely to sell your home in the next couple of years and your available cash. Give us a call today at (573) 302-9990 to get you started. You can also check out our website listed below for more information. Follow us on our social media channels listed below for our latest announcements.


Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065

Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917

NMLS # 1229111
Location: Osage Beach, MO, USA

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