Search Site
Menu
Refinancing Your Mortgage? Here’s What You Should Know

Should I Refinance My Home?

There are many reasons to refinance a home, including but not limited to, reducing debt, building onto a home, or reducing the length of your mortgage.  There are many factors to consider when deicing if you should refinance your home.  Some of those factors may be the value of the home, how long you have left on your current mortgage, your current interest rate, and current private mortgage insurance rates (PMI).

The Value of Your Home

Homes can increase or decrease in value overtime.  The upkeep of a home, age, square footage, as well as costs of nearby, similar homes, can determine how much your home is worth.  Home appreciation or depreciation can dictate if a refinance is a good idea.  Generally, homes that appreciate are in good condition, and in areas with homes that sell for equal to or higher than your home’s value.  Homes that depreciate may include those in areas that are not as popular as they once were or not in overall good condition, which can decrease a home’s overall value per square foot.

Length of your Mortgage, Interest Rate, and PMI

The amount of time you have left on a current mortgage may help you in making the decision to refinance or keep the mortgage as is.  Sometimes reducing the length of your mortgage can increase your payment but decrease the amount of interest you pay over the new mortgage period.  Also, the interest rate and private mortgage insurance (PMI) may have decreased since you bought your home.  It may make sense to review your mortgage terms and current market offerings to see if you qualify for better terms.

Before refinancing your home, it may be a good idea to contact an experienced real estate attorney.  He or she may be able to review your existing mortgage documents with you and help make sure you have a good understanding of them.

If you have questions about refinancing your existing mortgage, contact us today.

If you require experienced legal representation for any of your residential and commercial real estate, bankruptcy, or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.

Contact us

Please fill out the form below and one of our attorneys will contact you.

Quick Contact Form

Our Offices
  • Staten Island Office
    1031 Victory Boulevard
    Staten Island, New York 10301
    Phone: 718-720-4505
    Fax: 718-720-5153
  • Manhattan Office
    47 East 87th Street
    New York, New York 10128
Well Done!
Marc was prompt and effectively outlined the options available to me. I really trust his recommendations.
- Keith (5 star review)

Read All Client Reviews
Ratings and Reviews