Here is One Question Everyone Should Ask Before Refinancing
Realistically speaking – how long do you plan on living in the home you’re looking to refinance?
More times than not, my clients tell me they’re planning on living in their home forever. However, according to the National Association of Realtors, the typical family’s home needs change approximately every six to nine years. This statistic might surprise you – it certainly surprised me the first time I heard it!
But it brings to light a highly critical point:
If you are reasonably certain you’ll be in your home less than 10 years, we ought to look at a wider range of mortgage program options. For example, we may want to compare the costs between a 10-year adjustable rate mortgage and the tried-and-true 30-year fixed mortgage.
Of course, this analysis requires us to balance risk with reward – and turn over a few extra stones. But if you’d do both of us a big favor, I’d like to ask that you give this question considerable thought as we continue down the path of your mortgage refinance together.
As always, thanks for the opportunity to serve you. Please don’t hesitate to reply to this email if you have any questions or if I can be of any help!