Refinancing Tips - What to Consider Before Refinancing

How long are you going to live in this home?

Refinancing can reduce your monthly payments, but it may not save you money in the long run. Interest needs to be considered when calculating if your refinanced mortgage will save you money over the life of the loan. A loan consultant from Great Northern Mortgage can help you perform this calculation and how you can save the most money.

What fees are associated with your current mortgage?

Your current loan may have penalties for paying off your loan early. Ask your loan consultant if your refinance rates will cover these and other potential fees.

Do you know your credit score?

Review your credit report prior to beginning the refinancing process. Dispute any errors you find, and take care to avoid any actions that will lower your credit score before you apply for a loan. A higher credit score will likely result in better interest rates and refinancing offers.