Refinancing Your
Home Mortgage

At Ironstone, we help you through the process to decide if refinancing is the right step for you.

Millions of homeowners have taken advantage of the current low interest rates to refinance their mortgages. But while it's true that refinancing has the potential to help you reduce your home mortgage costs, it is not necessarily a strategy that makes sense for every individual in every situation. So before you make a commitment to refinance your mortgage, it is important to do your homework and determine whether such a move is the right one for you.

Things to think about before starting the Refinancing process:
  1. Refinancing to reduce debt can be a smart move, but refinancing in order to borrow more for consumer purchases (car, vacation, etc.) may not be the wisest of decisions.
  2. Make sure you know whether you have a fixed or variable interest rate and the terms of your loan. Read your current loan document to determine if you'll be assessed penalties or fees for "getting out" of that loan early.
  3. There is a cost to refinancing so be sure that the payback on the cost is worth it for you. Determine the breakeven point for refinancing and whether this is less than that time you plan on staying in your current home. Make sure you understand and are comfortable with the amount of time it will take for your overall savings to compensate for the cost of the refinancing.
  4. Know what all the refinancing fees are before you make the decision.

Give us a call at Ironstone and we can help you through the entire process, including helping you to understand whether Refinancing appears to be a good step for you.