• Tel: 602-741-8414
    Email: ZurnTeam@academymortgage.com

  • Refinancing is when you take out a new mortgage loan with a new term and interest rate to replace your current mortgage loan. Refinancing your home loan to a lower interest rate leads to a potential savings of hundreds of dollars a year. Let us help you assess your situation and determine if refinancing is a smart move to help you save at this time.

    When To Refinance

    When you refinance your mortgage, you are replacing your current home loan with a new, lower interest loan. Homeowners decide to refinance their mortgage for various reasons – to take advantage of lower interest rates, to consolidate high-interest debt and/or attain cash from the accrued equity in their home. The decision whether or not to refinance depends on several factors, including:

    The type of loan you have- If you have an Adjustable Mortgage Rate (ARM) that is about to adjust to a variable rate, you might want to get a fixed rate loan to keep your mortgage payments from rising.

    The costs associated with obtaining a new mortgage- There are closing costs and fees associated with refinancing your mortgage, including:

    • Origination charges such as application, title search, appraisal, closing costs, title or escrow fees
    • Loan origination points or discount points to further reduce the interest rate. These can be tax deductible – consult with a tax advisor before you decide to use this option.
    • Some mortgages have potential penalty fees for early payment of your current loan.

    To learn more about refinancing your current mortgage, please call Kari Zurn at 602-741-8414