​“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run.



​YOU’RE NOT TOO LATE.
For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.

IT’S NOT TOO TIME CONSUMING.
Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?

ARMS CAN BE REFINANCED, TOO.
Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The longer you’re planning to stay in the home, the more sense it makes to look into refinancing.

This may be one of the most expensive purchases you’ll ever make. It’s also one of the most exciting purchases you’ll ever make. Because once you are all moved in, you’ll make some of you most memorable memories in your new home. So it’s important to know what you’re getting yourself into.

Money
It’s no surprise that when thinking of purchasing a house you need to be financially stable. A huge chunk of your paycheck will go straight to paying of your house. Unless you have about $750,000 in cash just laying around. Well then, money shouldn’t be a problem. Unfortunately it’s not like that for everyone. So here are some questions you should ask yourself… Can i afford it? Are you buying alone or with your significant other? Is it really worth it? Do i have enough to start out with?

Commitment
Buying a house comes with a contract. Whether it’s just you, or you and your significant other. Are you planning on living here long term? It’s important to buy a house not just on the life you live today, but for the future. Are you thinking about having kids? How many? Will there be enough bedrooms for everyone?

It’s less expensive to buy a house with the kitchen that you love and the bedroom walls that you hate. Repainting walls and changing floors won’t kill your savings bank account, but remodeling the kitchen definitely would. Be smart on how you make the changes to your home.

Be patient with you decision on buying a home. Sometimes it can take longer than expected to purchase a home. Short sales and foreclosures can take up to 1-6 months or even longer to close. So with a decision of buying a short sale or foreclosure home, it must come with patience.

Location, Location, Location
You may of already hear this term. Location matters a whole lot. Do your research before falling in love with the dream home. Your dream home may be in the neighborhood that doesn't suit you. You don't want to drive 30 minutes to the nearest grocery store. Consider how far your friends and family live.
How far are you willing to commute to work? Are the schools in this area good? How safe is it? What are the crimes rates? These are the things you need to ask yourself before settling for this location.