Refinancing is when you get a new mortgage to replace the original one you had on your home. This is done in an effort to reduce the monthly payment amount, lower the interest rate or take cash out for larger purchases. In today's economic conditions, it can be difficult for some to make the monthly payments on their mortgage. Should you find yourself in a situation where you're struggling to make your mortgage payments each month, refinancing is something to consider.
How Does Refinancing Work?
When refinancing a home at the Lake of the Ozarks, the first loan is actually paid off, allowing the second loan to be created. Therefore, there will be costs associated with creating a new loan. It's important to make sure that the benefits of refinancing will outweigh the associated costs. You will need to consider all of the closing costs, such as application fee, title insurance and title search fees, attorney review fees and points and fees incurred in loan origination. Run the numbers and see if refinancing makes sense for you. Talking to a mortgage professional at the Lake of the Ozarks and discussing your options will also help.
There are a variety of advantages to refinancing your home. The main advantage is being able to reduce your interest rate. Whether interest rates have dropped since you first got your mortgage or your credit score has improved allowing you to qualify for a better interest rate, refinancing might be a great option for you. A lower interest rate can have a huge impact on your monthly payments, potentially saving you hundreds of dollars each year. This brings us to the next advantage, the ability to reduce your monthly mortgage payment. Whether you took a pay decrease or just want to be able to set money aside in savings, a reduction in your monthly mortgage payment by refinancing could be a great solution.
If you're considering a Lake of the Ozarks home refinance, give Michael Lasson a call at 573-746-7211. As your mortgage lender at the Lake of the Ozarks, I'm committed to working with you every step of the way, from deciding if refinancing is right for you to closing the loan. I'll discuss your options, offer competitive interest rates and back it up with the first-class service you deserve!
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Senior Loan Officer
NMLS #: 493712
4655 B Osage Beach Parkway
Osage Beach, MO 65065
Cell: (573) 216-7258
**The postings on this site are my own and do not necessarily represent First State Bank of St Charles’s positions, strategies, or opinions.