Will Refinancing Actually Save You Money?

Written by Zachery Adam

October 14, 2019

Will Refinancing Actually Save You Money?  

Is refinancing right for your home? It sounds like an easy solution to so many problems, especially if you bought your home when interest rates were high. But refinancing is not a magic bullet and there are times when it may not be your smartest bet. Here are some things to consider when you’re looking into refinancing.  

Is the Investment Worth It? 

In August of this year, mortgage rates hit a 3-year low as average rates on a 30-year mortgage dropped to about 3.7%. That got a lot of people thinking about whether it’s the right time to refinance. Does the process actually save you money and will it be worth your investment?  

And when we say investment in terms of refinancing, we don’t mean the overall cost of your home. On paper, getting a lower mortgage rate always sounds like a great idea, but you still have to go through an entire mortgage process once again.  

This means you have to pay closing costs, pre-paid items, appraisal fees, and attorney/title fees. And once you start paying off your newly refinanced mortgage with interest, it may take years for you to recoup your money. Before you decide to move forward, do the calculations to determine if this will really save you money long term.  

How Many Years Have You Paid?  

You will also want to look at how long you’ve been paying your current loan and how much longer you intend to stay in that home. For example, if you have a 30-year mortgage and have made payments on it for 5 years, when you refinance to another 30-year mortgage, you essentially start over from the beginning.  

There are options, such as refinancing in to a shorter-term loan. Or you may also want to consider how long you expect to live in your home. The average time most American homeowners spend in one home is just 10 years, so you can play around with that number if you expect to move again.  

What Other Financial Goals Do You Have in Mind?  

It’s also a good idea to take stock of your other financial goals. It may make more sense for you to invest in those rather than refinance your mortgage. The savings you get now with a refinanced mortgage may not pay off when your lifestyle changes along the way.  

However, there are plenty of cases where refinancing may be a great choice, and Zachery Adam of GoPrime in West Asheville can help you determine what’s best for you.  Call us today 

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About Us

How we can help you

Although labeled an independent mortgage lender, GoPrime Mortgage, Inc. is not a one-man operation. Zachery Adam and his Team has the support of a streamlined operation, with professionals who assist in every phase of the loan process. His team includes an appraisal vendor, loan processors, underwriters, closers and even the CEO or president if needed. When you choose to work with Zachery, you get the support of his team as well.

Zachery Adam

It’s important to Zack that he and his team are approachable and can provide assistance to home buyers who are often inundated with misinformation about the financial picture and mortgage options. In an automated culture reliant on digital communication, it’s time to put the human element back into these conversations. He could never be behind the scenes.

When you apply securely online with GoPrime Mortgage, Inc., we will contact you within 24 hours or less.

We want to be more than your mortgage lender.

The company, like Branch Manager Zachery Adam, wants to become the go-to destination for people who have questions about real estate financing and the mortgage application process. Applying for a mortgage can be a frightening process at a bank. GoPrime Mortage, Inc. aims to keep the process simple.

Our mission is to:

  • Provide holistic mortgage planning for every customer
  • Offer simple, strategic solutions for all homebuyers
  • Supply reliable services for real estate investors
  • Educate the public on the mortgage process
  • Keep the mortgage process simple for all customers
  • Inform real estate agents of the latest mortgage news

In short, GoPrime Mortgage, Inc. will provide complete, inclusive mortgage solutions that are educational, transparent, honest and sincere. No other bank or independent mortgage lender can beat the service and prices — the complete package — that GoPrime Mortgage, Inc. offers.

 

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Contact Info

862 Haywood Road Asheville, NC 28806

828-348-1907

WestAsheville@GoPrime.com

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Borrowers can easily complete a loan application, upload supporting documentation, eSign disclosures, and monitor the status of their loan — in a single, easy-to-use location.

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