Lund & Guttry LLP

36917 Cook Street Suite 102, Palm Desert, CA 92211

 

Phone:  760-568-2242

Fax:      760-346-8891

  

Website: www.lundandguttry.com

June 2020

Should You Refinance Your Mortgage?

Article Image

Refinancing your mortgage could result in a lower monthly payment, especially with interest rates at a near historic low. Here’s what to consider before you decide:


Rule of Thumb
It usually makes sense to refinance if you can save 75 basis points, but consider the whole package, including points paid and closing costs.


Job Stability
With record unemployment numbers in just a matter of weeks, job stability plays a huge role in qualifying for a refinance – even if you have a substantial amount of equity in your home.


Shop Around
Although refinancing is on the minds of many homeowners, check your credit score before you apply. Some lenders are raising their minimum credit score requirements. While its always smart to shop around for the best deal, today’s environment has banks strictly enforcing expanded qualification guidelines.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox every month.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.