SARASOTA, Fla. — Refinancing your home. Interest rates continue to be at an all-time low, making some homeowners wonder if refinancing is the right move.
Dawnyelle Singleton has lived in her Sarasota home for 16 years. She was ready to do some remodeling, so she started thinking about refinancing.
"I knew the interest rate that I had was high, but the intimidation of refinancing, it always intimidated me and held me back," she said.
But after finding the right bank, she jumped right in.
"Once we started everything went very smooth," Singleton said.
Brandi Jaber with First Home Bank says there are many reasons to refinance right now.
"Lower rates and or a lower monthly payment, consolidating debt, eliminating costly mortgage insurance, home improvements and renovations," Jaber said.
And Jaber says the process isn't as hard as most people think.
"From start to finish refinancing simply involves shopping for the best savings, locking in a rate and then going through the standard underwriting and closing process," Jaber said.
Dawnyelle's kitchen renovation is well underway and she's looking forward to the finished product.
"I am proud. I'm proud that I did it by myself and it is very exciting," Singleton said.
Brandi Jaber says to consider these 4 things before refinancing:
- Rates: Right now they are low, but expected to go up in the near future.
- Expenses: There will be extra fees to re-work the loan. Make sure it's worth it.
- Lenders: Compare them to find the one that you are most comfortable with.
- Preparation: Start gathering financial documents now.