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If a Refinance could save you hundreds of dollars each month on your bills and mortgage in Charleston, what's stopping you from just doing it?Mortgage Funding USA could get you a better rate and a great Refinance with the best lending service In South Carolina. Why wouldn't you make your life easier, Why wouldn't you,... "Just do it?!"
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In recent years, companies have introduced "no cost" and low-cost refinance packages that minimize or completely eliminate the out-of-pocket expenses of refinancing. (These refinance packages compensate with a higher interest rate, or by including some of the costs in the amount that is financed.)
Charleston Mortgage Rates
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With a traditional refinance, the most often cited rule-of-thumb is that the interest rate for your new mortgage must be about 2 percentage points below the rate of your current mortgage for a refinance to make sense. However, with the newer low- and no-cost refinance programs, it can be worth your while to refinance to obtain a smaller reduction in interest rates.
How long you expect to stay in your home is also a factor to consider. If you'll be moving in a few years, the month-to-month savings may never add up to the costs that are involved in a refinance.
Mortgage Funding USA can help you find the best loan and options to refinance your home.
Refinance Once Then Do It Again:
When rates fall steadily, refinancing may make sense even if you have done so once already. Bob and Michelle Barbo of Kirkland, Wash. refinanced twice within three months in 1998. In October, they trimmed the rate on their 30-year fixed mortgage by a full point -- from 9.13% to 8.13% -- for a monthly savings of $63. Plus, because home prices in their area had boosted their home equity, they were able to stop paying private mortgage insurance that cost them $120 a month.
To exploit continued decline in rates, the Barbos refinanced again in December. Their new 30-year fixed mortgage is at 7.375%, lopping another $55 off their monthly bill. Since the couple had chosen a no-cost refinance each time, their total out-of-pocket expenses came to just $400 in appraisal fees. So by the time you read this, they will already have recouped their up front costs. "Now we can use the savings to build up a cash emergency fund," says Bob.
If you are considering a second refinance, don't overlook this potential tax write-off: When you pay points to refinance, you must deduct the amount over the life of the loan, usually 30 years. But when you refinance a second time, all of the points that have not yet been deducted from the first refinancing can be written off in a lump sum. Say you refinanced to a 30-year mortgage in 2000 and paid $3,000 in points. By now, you would have written off roughly $500. If you refinance again this year, you could deduct the remaining $2,500 on your 2005 tax return. For a homeowner in the 28% tax bracket, that works out to a savings of $700 -- enough to offset some or all of your costs this time around.
Refinance Charleston
Charleston Facts and Refinance Resources
We have helped people all over Charleston improve their financial outlook, get a great Refinance and save money every month. We can get you better Refinance rates in Charleston.
Charleston City Web Site - www.ci.charelston.sc.us
Charleston Population -
106,712
Charleston Mayor - Joseph P. Riley,Jr.
Charleston Real Estate Listings - from Home Gain
Charleston Department of Housing and Urban Development - HUD Charleston
Charleston News - Latest Charleston news
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