Given the current state of the Connecticut housing market and Connecticut mortgage industry how do you really evaluate your decision to refinance your mortgage or not? How can you really know what the best decision for your situation is? Do you know how you properly evaluate a fixed mortgage for you situation? Well let’s take a look at what still works and what does not work anymore.
In my experience over the last several months the same principles that applied before this mortgage mess still apply while it is going on. You must be saving a substantial amount of money each month on your mortgage payment. If you are just refinancing to take out a little cash and you do not have a good solid plan in place to manage the money for a smart investment then now is definitely not the time to make that type of decision.
The most obvious situation which you would want to refinance out of would be if you have an adjustable rate mortgage. However, keep in mind that a adjustable rate mortgage might still make sense for your situation if you take extra care in comparing the adjustable mortgage to a fixed mortgage program. Without taking the extra care you might find yourself in the same situation as many other homeowners found themselves so be extra careful when making that type of decision.
The other situation which might warrant refinancing is if you are consolidating your other debts in order to really cut down on your monthly costs. This really makes sense if you have high interest rate credit card debt, but can be risky if you tend to keep running up credit card debt.
At the end of the day you really have to take a close look at your spending habits and monthly income to determine if now is the right time to take a closer look at your household finances.
If you have bad, low or no credit we are the only Connecticut Mortgage Lender that still specializes in working with helping people get approved who have low credit scores, no credit scores, bankruptcy or foreclosure.
Click here for your low rate Connecticut home mortgage.
If you really need to get approved for a FHA mortgage to buy or refinance your home really quickly then Click here for your Connecticut home mortgage.
