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Interview with Patrick Smith, Mortgage Manager

Last Updated

June 26, 2020

Written By

First Family Credit Union

With the fed reducing rates several times in 2020 the country has reached some record lows – because of this we are sure there are a lot of people wondering “should I refinance?” 

We interviewed one of our local experts, Patrick Smith, Mortgage Manager, so we could bring you firsthand and up to date information! Here’s what Patrick had to say.  

There are several factors that you should take into account when considering this question.  We can quickly determine the financial benefits when refinancing but you, as the homeowner, need to identify the “life” benefits. 

The first thing you need to know is the rate and term on your current mortgage.  When it comes to your rate and term, there are a few things to consider. If you can improve your rate by 1.5% or more it is often worthwhile to look into refinancing.  Remember, there are closing costs associated with a refinance. So even if you’re offered a lower interest rate, you need to take the closing costs into consideration to ensure it all balances out and you will still be saving money.  Many might know about the interest rate, closing costs, etc., but a little tip many people don’t know about is asking about up front points to reduce the interest rate further! Although, buying down your rate can be costly at the time of closing, it can be advantageous in the long run. 

Another possible benefit is the ability to shorten your term! Even if your payment remains the same, shortening your term will save you a lot of money over the years.   

Now, this is where the life benefits come into play. Are you comfortable with the payment you are making? Would you be willing to pay more or like to pay less per month? Is there something you could use your home’s equity to pay for; such as student loans or improvements to your home?  You also need to consider your long-term goals for the house – are you planning on moving again in a year or 2 or is this your forever home?  Knowing the answer to these questions can help you determine the best solution both financially and simplifying your life.  

Also, always be sure to ask if there is a chance the lender will sell your loan. If so, find out who the potential servicer could be.  Having your mortgage originated and serviced locally will help  simplify your financial life!  

Having a home is so important but having a home that can help make your life less complicated is HUGE!  

I hope this information is helpful. We love educating our community and helping our current and potential members save money while living out their dream of owning their own home!  

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