Should I Refinance My Mortgage?

Should I refinance my mortgage in San Antonio Texas?

This is a question many homeowners have in the City of San Antonio Texas. A lot of homeowners in San Antonio Texas don’t  know the reason why they should consider a refinance on their mortgage. Many do not know the answer to the question “Should I Refinance My Mortgage” or even how to start the process or what the benefits of refinancing can do for them. The main goal to refinancing is saving you money, I have answered these questions many want to know. 

refinance

 “Should I refinance my mortgage, how and why?”

When deciding to refinance or not in San Antonio Texas, I suggest using the most common reasons why other San Antonio Texas homeowners refinance as your guide.

The Top Four Reasons to Refinance in the  San Antonio Texas:

  1. Lower the interest rate on current mortgage
  2. Reduce length of years remaining on the mortgage
  3. Make home improvements
  4. Consolidate debt

Saving You Money

If any of these reasons are true for you, then the question Should I Refinance My Mortgage? Needs to be highly considered. All these are pointing in your direction of  ultimately saving you money.

The best person in San Antonio Texas to discuss the question Should I Refinance My Mortgage? Is a mortgage loan officer like Brian Chunn of Gold Financial Services. He and other mortgage officers can discuss your individual situation to determine if refinancing makes financial sense for you. Before gathering your documents I suggest placing a call to Mr. Chunn’s at his direct contact number #210-274-6296 to receive professional answers to questions you may have before starting the process. He will get right to it and help saving you money.

The biggest benefit of refinancing is to make your life financially better, which mean saving you money. In order to do this you must plan carefully once your refinance is approved.

  • If consolidating debt you should close your credit card accounts after paying them off.
  • If receiving cash for upgrades then make the home improvements right away.
  • No need to refinance for the maximum amount either, leave some equity in place for your security.

Overall, the main reason to refinance is to free up cash, reduce financial pressure on your home and saving you money at the same time.

I hope this blog post was helpful with your decision to refinance or not. The best person in San Antonio Texas to refer questions to about refinancing is the Mortgage Loan Officer Brian Chunn at Gold Financial Services #210-274-6296. Tell him Ray McCurty sent you!

Contact me via email ray.mccurty@gmail.com or call #210-850-0083 if you are looking for a Realtor to help you BUY or Sell a home in San Antonio Texas, Windcrest or surrounding areas.

(Please reply to this blog post under comments if you have any thoughts to add to the discussion.)

Thank you,

-Ray.McCurty@gmail.com

4 Comments

  1. NURSE February 9, 2017 at 3:31 am - Reply

    Due to it is tax season; what forms and/documents are a 1st time homebuyer to take for tax filing appointment?

    • Realtor Ray McCurty February 9, 2017 at 7:30 am - Reply

      Great question! As a first-time home owner, you are eligible to receive a tax deduction on the loan origination fees/points paid to obtain your mortgage loan. This is a big advantage for first-time home owners as the origination fees can be 1% of the mortgage which equates to a nice deduction.

      On top of the loan origination fees/points, you can deduct the property taxes paid on the property and the interest paid on your mortgage. A tax deduction reduces your taxable income, but your actual tax deduction is based on your tax bracket.

      NOTE: Do not get the Tax Deduction confused with a Tax Credit which is a dollar for dollar reduction used for certain energy upgrades offered by the state and/or government.

      The documents to take to your tax preparer are as follows:

      1. A copy of the Closure Disclosure which should be with your documents received from the title company at closing. This will show the loan origination fees on it.
      2. The 1098-form which you should have received from your mortgage loan company. The forms are normally mailed in January every year. (If you pay into escrow then the property taxes paid will be on there also).
      3. A copy of your Property tax bill from Bexar County Appraisal District. (This is only necessary if you pay your property tax on your own and not through your mortgage company.)

      In the end, owning a house allows you a great tax deduction if you pay property taxes and have a mortgage loan on your home.

      Please refer specific tax deductions to a Certified Public Accountant as they will be able to assist you further with other deductions you may be eligible to receive.

      Thank you for your question! 🙂

  2. NURSE February 9, 2017 at 4:15 am - Reply

    What are some money interventions to pay off home quicker than the norm 30 years?

    • Realtor Ray McCurty February 9, 2017 at 7:33 am - Reply

      When it comes to paying off a normal 30-year loan early, the savings can be huge! Most 30-year loans are amortized to pay down interest on the loan first then the principal. Each time you send in a mortgage payment the money is divided into escrow, interest then principal.

      To pay off your mortgage sooner you would need to pay extra money toward your principal.

      This can be accomplished by writing a check for an additional amount with a note stating “principal payment only”. Make sure your regular mortgage payment is received and the principal payment is applied afterwards. It is always a good habit to double check your mortgage payment history if you plan on doing this. Mistakes are easily corrected if your extra payment goes on incorrectly.

      NOTE: Make sure if you are paying your mortgage off early you are not being penalized. You should speak with your mortgage company first, before sending in extra payments.

      A second way is to use a yearly bonus. A lot of people receive yearly bonuses on their job and use that money to help pay down their mortgage faster. This is something to consider if your job pays a yearly bonus. Just imagine overtime those bonuses would knock years off your mortgage payment.

      A third option to consider is having your mortgage set up to withdraw bi-weekly. Not only is it convenient, but it helps in paying down a 30-year mortgage loan faster.

      These are three ways to help you reach your goal of owning your home outright and mortgage free faster. Make sure to consult with your mortgage company prior to paying any extra money or splitting payments as you want them to know what plan you want to have before you start it.

      I appreciate the question and please contact me directly if you need further assistance.

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