When is the best time to refinance?It depends on how long you plan to hold on to your house and if you have to pay anything to refinance. In addition, it also depends on how far along you are in paying off your current mortgage.
If you are going to be selling your house shortly, you probably will not recoup any costs you incur to refinance your mortgage. If you are more than halfway through paying your current mortgage, you probably will gain little by refinancing. However, if you are going to own your home for at least five years, that's probably long enough to recoup any refinancing costs you incur and to realize real savings on lowering your monthly payment. If it is going to cost you nothing to refinance, you can gain even more.
Many lenders will allow you to roll the costs of the refinancing into the new note and still reduce the amount of the monthly payment. Also, there are no-cost refinancing deals available. In any case, it pays to consult your lender or financial advisor, or run the numbers yourself, before you refinance.
A "no-points" loan is one for which the lender does not charge points (one point is equal to 1 percent of the loan amount). But there are other fees involved in no-point loans, as with most loans.
How does bankruptcy affect my refinancing?Refinancing may be prudent but could be difficult after a bankruptcy. If you're considering bankruptcy, you may want to go to your current lender first and explain the situation. If you have been current on your payments, the lender may be accommodating and refinance your loan, easing your financial situation.
Which home buying costs are deductible?Any points you or the seller pay to purchase your home loan are deductible for that year. Property taxes and interest are deductible every year.
But while other home-buying costs (closing costs in particular) are not immediately tax-deductible, they can be figured into the adjusted cost basis of your home when you go to sell (any significant home improvements also can be calculated into your basis). These fees would include title insurance, loan-application fee, credit report, appraisal fee, service fee, settlement or closing fees, bank attorney's fee, attorney's fee, document preparation fee and recording fees. Points paid when you refinance an existing mortgage must be deducted ratably over the life of the new loan.
Have a productive day and we will see you at closing!
Real Estate in Wisconsin is an excellent investment!
RE/MAX REALTY CENTER, Real Estate in Wisconsin
Thank you for visiting our REMAX REALTY CENTER, Real Estate in Wisconsin website.
Please feel free to contact us for any of your residential or commerical real estate needs including an online market if you are a seller, or finding a home if you are a buyer.
Our real estate focus in the Waukesha County, Milwaukee County, Lake Country, Jefferson County, Dane County, Dodge County and Washington County areas. Several agents in the office also their IRES designation (International Real Estate Specialist) so they can assist you with all your real estate needs in Wisconsin, the USA or anywhere in the WORLD!
When you are seriously looking or just browsing at real estate in Wisconsin, RE/MAX REALTY CENTER, Real Estate in Wisconsin, is the BEST resource to help you with all your needs and questions, whether a first time home buyer, relocating to or from the beautiful LAKE COUNTRY area, looking to invest or explore foreclosure opportunities or just thinking ahead to the future.
Lisa Bear is the broker/owner of RE/MAX Realty Center, Real Estate in Wisconsin (262-893-5555) is an experienced real estate agent in Waukesha County and the entire Milwaukee Metro area. Lisa thinks "outside of the BOX" and encourages her agents to do so as well. If you want creative options and exceptional marketing and service - look no further!
The RE/MAX Realty Center Office, has experienced agents with expertise in luxury home marketing, lake property experts, foreclosure and short sale specialists, investment and property management brokers and commercial brokers.
Our agents areas of service include, but are not limited to:
The prospering communities of Waukesha County including Delafield, Waukesha, Oconomowoc, Pewaukee, Waukesha, Sussex, Wales, New Berlin, Dousman, North Prairie, Mukwonago, Chenequa, Menomonee Falls, Brookfield, Elm Grove, Okauchee, Eagle, Muskego and Merton.
Great municipalities in Milwaukee County including Milwaukee, South Milwaukee, Wauwatosa, Hales Corners, Greenfield, Glendale, Franklin, Bayside, Brown Deer, Cudahy, Fox Point, Greendale, Shorewood, Oak Creek, St. Francis, West Allis and Whitefish Bay.
The hometown favorites of Washington County, Jefferson County and Dodge County including Watertown, Hartford, West Bend, Germantown, Jackson, Richfield, Ashippun, Lake Mills, Jefferson, Johnson Creek, Slinger and Erin.
Lake Country Living on one of Waukesha Countys great lakes as a full timer or vacationer is a must and there are some great lakes to choose. Nagawicka Lake, Pine Lake, Oconomowoc Lake, Beaver Lake, Okauchee Lake, Pewaukee Lake, Moose Lake, North Lake, Lake Keesus, Lac La Belle, Upper Nashotah, Lower Nashotah, Upper Genesee, Lowe Genesee, Middle Genesee, Upper Nemahbin, Lower Nemahbin, Fowler Lake, Golden Lake, Pretty Lake, Silver Lake, Waterville Lake, and Crooked Lake. Great lakes of the surrounding area also include Lake Michigan, Rock Lake, Big Cedar Lake, Little Cedar Lake, Pike Lake and Lake Ripley.