3 Refinancing Myths Debunked – A First-Time Applicants’ Guide

When browsing through reasonable conventional mortgage rates, refinancing may not be the first that comes to mind, especially if you’re financially capable of meeting obligations. However, that’s not always the case if you consider long-term, consistent payments involved to meet your household’s needs. That’s why it’s important to look into refinancing and ensure its financial sustainability.

This article will discuss the three common debunked myths about refinancing to guide you through your mortgage experience. Take this as an opportunity to ensure you meet your payments for your home. That way, you can adapt to the different fiscal challenges your household undergoes while staying financially stable! 

3 Refinancing Myths Debunked

1. Why would you refinance your mortgage? You shouldn’t! You’re going to hit the break-even point anyway! Many house buyers and real estate agents are led astray by the so-called break-even point that you may satisfy when you finally gain back your closing costs. However, it is a sweeping generalization that may not apply to all situations. You may surpass the break-even point as you save more money in the long run by considering refinancing! As such, it’s important to open yourself to the possibilities. That way, your household can meet your financial goals without being restricted to your current mortgage setup. Consider refinancing and compare interest rates, equity building opportunities, and other related real estate features. That way, you can meet your payments while working towards paying off your mortgage!
2. Refinancing is nothing more than simply a way to make fixed-rate mortgages lower. You may have other concerns regarding your mortgage apart from enjoying lower interest rates. For example, you have a fixed-rate mortgage and want to consolidate your debt into more favorable terms. You may also want to shorten the payment duration, enabling you to save more on the interest rate and build your home’s equity. Fortunately, these are all considerable goals under refinancing. The best way to ensure you get what you need out of your mortgage refinancing is to consult with real estate professionals, such as mortgage originators. That way, you can compare terms and conditions until you can find the most suitable one for your household!
3. It takes a lot of documents and patience to get through the refinancing process. You may not even get approved, so it’s not worth the risk! You may hesitate to get refinancing because you fear rejection, which is common in the house loaning market. It can be discouraging since you have to experience the hassle and stress of submitting many documents, consulting with different lenders, and waiting until you get the deal you want. But the truth is you don’t have to worry about these inconveniences with refinancing since there are ways around them! 

Schedule a call with us for further information. We can help you better understand your mortgage refinancing options! 

Apply For a Mortgage With America’s Mortgage Solutions

Refinancing your mortgage can get tedious, especially if it’s your first time. Fortunately, you now better understand it to make more informed real estate decisions. All you have to do now is look into potential mortgage refinancing options to ensure you can get a favorable deal. Consult with real estate professionals to make the best decision for your home and financial situation! 

Are you looking for the best refinance mortgage deal and other housing loaning options in Palm Beach? We at America’s Mortgage Solutions can provide you with that. We are your professional, licensed mortgage originator dedicated to helping you meet your real estate goals while saving money. Get your pre-approval done with us today!  Please call (561) 316-6800 to schedule your consultation