Is It Time To Refinance?

The timing might be right to refinance your mortgage loan.  Today’s LOW rates (as of 02/11/2021) may help you significantly lower your monthly payment, shorten up the term of the loan or accomplish other financial goals. Here are some of the top reasons people refinance their mortgage.

  1.  Lower their monthly payment
  2.  Shorten the term of the loan and pay the home off sooner
  3.  Remodel their home
  4.  Cash out for debt consolidation, home renovations, rental property acquisition, and may other things
  5.  Life events: divorce, death, and anything else life throws at us

A cash-out refinance increases your mortgage debt and reduces the equity you may have in your home. Your monthly mortgage payments may be higher.

Everyone’s situation is different.  We’ll work with you to determine if the timing is right to change your loan program and what effect refinancing may have on your future plans by considering your cash on hand and how likely you are to sell your home in the near future. Call us today for your free consultation.

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Understanding Property Tax Increases

Notice of Assessment
Example of what a property tax re-assessment looks like in Michigan

Many home buyers have been facing a very challenging market over the past few years. The current supply of homes on the market just can’t keep up with the huge demand out there. It’s not uncommon for a home to come on the market and be sold in a matter of days after receiving multiple offers. With this fierce competition, prices have increased substantially over the last few years and has made it challenging for home buyers to find a home within the budget/payment they had planned for.  Many go over budget to get the home they want only to have another blow to that budget the following year due to the property tax increase.  This increase on the property tax portion of the mortgage payment can really hurt home owners enough to create a financial strain.

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