Thursday, June 11, 2009

I Need to Refinance Now

When it comes to refinancing there are so many reasons why and a few why you should not. Obviously the main reason not to refinance actually the only reason is that it does not save you money either in the long term or in the short term. Any good loan officer should let you know whether refinancing will save you money or cost money.

A couple reasons why you should refinance is will it help your budget? Will it create a positive stream of cash flow? Has something come up that you desperately need to save money? Do your cards seem to never be paid down? What is your equity doing for you now that investing it in creating a stream of cash flow would hurt?

First lets explore will it help your budget? If you do not have a budget yet or have not created one it is imperative that you stop what you do and create one. This will help in both creating a savings account and helping you determine your financial future. Without it, it is impossible to assure you of your destiny.

Will it create a positive stream of cash flow? Analyze your outgoing debts and see if refinancing will save you money. This is important for you who want to or need to save money monthly.

Has something came up that you desperately need money? This is important for a loan officer to ask you to understand your position financially. If there has been something that has came up make sure your loan officer knows so that he will structure the loan to save you money MONTHLY and not look long term.

What is your equity doing for you now? The only thing it is doing is sitting there. Think in lines of math and logic. If it makes sense on paper it is probably the best thing to do.

James Peters is a licensed mortgage professional. He has been in the mortgage industry for five years and his main focus is providing the highest quality service along with delivering the best loan on the market. If you run across him without question use him as your loan officer. Check out his site at

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