San Jose Refinance Mortgages

Written by Tara Peris
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San Jose refinance mortgages are an excellent option for homeowners who are prepared to stay put in their current domiciles for the foreseeable future. It takes a while to break even with a home equity loan, but it can be financially worthwhile if you are prepared to wait it out. Consider your short and long-term plans when making a decision about refinancing and you are bound to make a better choice.

So you're thinking about refinancing. The first thing you'll want to do is to think carefully about how long you intend to stay in your home. The standard practice within the industry is to divide your refinancing costs by 12 in order to determine how many years you will have to remain in your home in order to break even. If the duration exceeds your expectations, it may not be worth taking the risk of a refinance.

Back to Basics

The next thing you'll want to do is bone up on all that good home loan stuff you learned back when you first bought your home. Remind yourself how the process works and then start by returning to your original lender. You can often save yourself a great deal of time and money by going with the same provider.

When you go to any lender, familiar or otherwise, you'll want to show up prepared. Have financial statements and tax returns readily available as well as the title to your home and a recent appraisal. These documents will guide the dialogue between you and the lender and will help you to come to a joint decision about what makes the most sense for you.

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