Is Refinancing for You? NJ Mortgage Lender Offers Tips for Success
NJ mortgage company principal counsels home owners to consider the benefits and disadvantages of refinancing in the current housing market.
by Lawrence Montani, GMH Mortgage Services LLC
Shrewsbury, NJ, May 6, 2008 - With the continuing instability in today's housing market, many homeowners are looking for guidance on refinancing. Regardless of market conditions, several factors hold true when considering a refinance, says Lawrence Montani, a mortgage professional for more than 20 years.
"Refinancing can pay big dividends under the right circumstances," according to Montani, leader of Team Montani at GMH Mortgage Services LLC. "Ideally, it can allow you to lower your monthly payments, stabilize an adjustable rate, give you cash for expenses, or help make your overall debt more manageable."
But refinancing is not a "one-size-fits all" option, says Montani, who advises his clients to consider the following:
How's your credit? If it's in worse shape than the last time you successfully applied for a mortgage, you might not qualify for the low rates that would justify refinancing.
How many years are left on your existing loan? If you've been making payments on a 30-year loan for more than half the term, refinancing to another 30-year loan may only increase your costs in the long run.
Finally, how much equity is left in your home? If you've tapped equity with a previous refinancing, you might not be able to maintain the 80% loan-to-value ratio to qualify for the best rates.
According to Montani, it's important to define your needs and consider your financial position before refinancing. "If you have enough equity in your home to cover your other debts, refinancing may reduce your total monthly payments and offer tax advantages. Your lender can run the scenarios with you to determine what's best for your unique circumstances."
GMH Mortgage Services LLC and Team Montani lead the way as one of New Jersey's most respected mortgage bankers, with more than 80% of its loans written for repeat customers and the friends and family they refer. Team Montani is known for its refreshingly different approach to mortgages - combining experience with responsiveness to eliminate much of the stress generally associated with the mortgage process.
Lawrence Montani is a member of Team Montani at GMH Mortgage Services LLC. Reach him at (732) 389-9898 ext. 114 or www.teammontani.com.
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