Are you paying too much for your home? Many people wish their mortgage was easier on their savings account. In order to cut down on the overall cost without adding time to your mortgage, consider refinancing. However, before you refinance your home, there are a few important things you need to know.

Know Your Worth

You don’t want to make payments on a mortgage you can’t afford. To avoid this common mistake, it is important to start out with a solid understanding of your home finances. It is important to know:

  • what your credit score is
  • what you paid for your home and
  • the cost of your house on the current market.

With this information, you have a much better idea of how much you need to refinance.

RELATED: How To Save For A House

Do Your Research

researchThough lowering your monthly payments may sound like a good idea, it would take you much longer to pay off your mortgage. Instead, start looking for refinance rates now. Don’t forget to shop around for good interest rates and consider what fees you could be charged. Rate calculators can be convenient tools to help you find the best deal.

SEE ALSO: Say Hello to HELOC – How to Use the Home Equity Line of Credit

Lock In Your New Rate

When you find the interest rate you like, lock it in! Locking in your mortgage rate simply means that your lender is guaranteeing you the specific interest rate you agreed upon. Mortgage rates are always changing with the market, so don’t lose your good deal. If you’re locked in, your rate is protected.

Meet With A Mortgage Professional At MNFCU

Don’t pay more than you have to. If you’re looking to refinance, go to your local Metro North Federal Credit Union branch. Our competitive home loan rates can help you take care of all of your mortgage refinancing needs.