Wyndham Capital Mortgage
Not every customer of Wyndham Capital Mortgage is a home buyer. Many clients are not buying a home from a seller but they are buying from themselves. Refinancing your home is a good way to get a better monthly rate.
Not every home loan needs to be refinanced, even if the current interest rate is lower that your current one. An associate at Wyndham Capital Mortgage reviews whether or not this move makes sense for your budget. A good rule of thumb says if you will not save at least one percentage point by refinancing, you should wait until the rates drop further. Perhaps more important is how long you will be staying in the home and thus the loan. If you can break even by the time you would likely sell your home, refinancing might be a good idea even if you are not saving a full percentage point by doing so. Talking to a mortgage professional like those at Wyndham Capital Mortgage can clear up any confusion you have regarding refinancing.
Some homeowners choose to refinance with the same company currently holding their loan. Others choose a different provider entirely. Your current lender should already have all the paperwork and documentation required so it may be easier and more convenient to stick with them. However, there may be others on the market who can give you better terms. Get a Good Faith Estimate from at least one provider for the sake of comparison.
Changing the type of loan is another reason to refinance. You may find that your ARM is about to readjust in a way you cannot afford. ARMs typically have lower introductory rate but they can also rise quite a bit higher later in the course of the loan. You might consider refinancing into a fixed-rate loan instead. You could also refinance into a more favorable ARM.
If you decide you might like to refinance, be sure to so your homework. Investigate whether or not you will be reducing your tax savings by having less of a mortgage to deduct. Look at the costs on your GFE to see if the fees outweigh your savings. You will also want to find out if there is a fee for early payment on your current mortgage. These and other assorted charges may eat away at the savings a refinancing might bring.
If you have questions about refinancing, the staff at Wyndham Capital Mortgage is a great resource for you. Their knowledge of the industry and its various products will help you make an informed decision. If you do choose to refinance, they can also help guide you to the right type of loan for you home.
