​Should I Refinance My Mortgage?

First let me be clear: I am not a mortgage professional. I am a professional realtor serving buyers and sellers in Horry and Georgetown counties of South Carolina. My professional services extend to the transactional nature of buying and selling a home. However, in the normal course of business, we are asked hundreds of questions about financing. I can't speak to your specifics. I can present an overview and I can gladly refer you to a mortgage professional.  We have an extensive, vetted, list of vendors. THAT list is one of the specialty assets I bring to my real estate servicing of your needs.

The simple answer is... IT ALL DEPENDS.

Here is the overview version: (Again, only a mortgage professional can assist you with your specific needs.) With mortgages still at historically low rates, many people consider refinancing to save money. But is it a good idea? Maybe, maybe not. Refinancing involves a number of moving parts and some understanding of amortization, so make sure to do your homework.
Lenders vary on how long you have to wait to refinance, but you can sometimes do so within a year of purchase.
First, remember that refinancing involves closing costs, which can run into the thousands. So before anything else, calculate how long it will take you to recoup that amount and whether you'll stay in the house that long. Do the long-term math. If you are 10 years into a mortgage and refinance for 30, you could very well wind up paying many thousands more over the lifetime of the loan.
This is of course a personal decision; sometimes it's worth it to free up the cash on a month-to-month basis.
Just understand the numbers. Some homeowners refinance and increase their monthly payments -- on purpose.
You might consider refinancing from a 30-year loan to a 15-year loan to pay off the balance sooner. It's often surprising how little it takes per month to make this happen. Another good reason to refinance is if you're in an adjustable rate mortgage and want to refinance into a fixed rate.
This often occurs when rates are rising and you want to avoid the higher costs; if rates are low, it might not be worth the trouble.
Other folks refinance in order to pay off other debt, like credit cards or student loans, or to pay for a renovation project.
Again, it's time to do the math and consider the scenario.
Transferring that debt to your mortgage, puts your house on the line.

​If you are thinking about buying or selling your home in Horry or Georgetown counties in South Carolina, please contact me about a FREE market analysis.