We always hear the word "Refinance" when interest rates come down, but there are actually many factors that should determine the "if" & "when" refinancing is right for you. 

The If

If you haven't taken advantage of current low rates and your current mortgage is above 8%, contact us at Advantage 1st Mortgage to see how much money we can save you, by lowering your interest rate and lowering your monthly payment.

If you purchased your home with less that 20% down payment, as the equity in your home increases and its value appreciates, Advantage 1st Mortgage may be able to lower your monthly payment by eliminating the monthly mortgage insurance requirement you are likely paying.

If you currently have an Adjustable Rate Mortgage, it may be a great time to refinance into a fixed rate loan and lock in a low, low rate.

If you have thought about becoming a real estate investor, you can take equity out of your current home and use the money towards a down payment on another property.

The When

Sometimes timing is everything when it comes to re-financing.

Property taxes in Oregon are due and payable in November of each year.  If you do not have an escrow account set up on your loan, sometimes it can be difficult to come up with the tax money while the Holiday Season is looming near.  While it is certainly not a good idea to get behind on your taxes, if you take the equity out of your home, you claim this at the end of the year, whereas if you get a loan, you claim nothing at the the end of the year.

With the end of the year fast approaching, it is a terrific time to analyze what you have accomplished so far this year, as well as plan for what may be coming up next year that we may be able to take care of.

a) Are you thinking about taking advantage of a great deal on an automobile before the year end?

b) As you prepare your taxes, will you need to write a check to Uncle Sam?

c) When you compare what you made this year to what you owe in installment and credit card debt, are you depressed?

If you answer Yes to any of these, then the timing may be right to contact Advantage 1st Mortgage about our refinancing programs.

The No-Brainers

If you are going to be in your current home for a minimum of two more years and you can lower your current interest rate by 2%.

b) If you could re-coup your investment of a refinance within a 12-month period.

c) If you can use the equity from your home for home improvements, to pay-off credit card debt, to buy a car, or use the money for short term - high yield investment purposes.

Any time you can make the equity in your home work for you, and at the same time, write off the interest at the end of the year, refinancing can be a sound investment.

Contact Advantage 1st Mortgage to discuss your needs, your options, and how refinancing your home may be the right thing for you.