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Wednesday, December 28, 2011

It is a Great Time to Refinance!

Wondering if it’s time to refinance your home? Wonder no more.

With mortgage rates hitting record lows, you probably know one or two or a dozen people who have taken the opportunity to refinance their homes. Hearing about their new lower monthly payment probably has you thinking about taking the refinancing plunge yourself.

“This is an incredible time to buy a new home, and it’s an equally great time to refinance the mortgage on your existing home,” says Melanie Levine, owner of Mellex Title Company, LLC. “Just about anybody can benefit from refinancing, but you’ll need to ask yourself a very important question before jumping into it.”

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Will It Pay Off?

Been paying on your mortgage faithfully for a dozen years? You should take time to consider the implications of refinancing. On the positive side, refinancing can immediately provide you with a lower monthly payment. At the same time, this lower payment may require starting the 30-year payment process over. However, if you intend to pay down the mortgage early or would just prefer to save a few bucks each month—even if it takes longer to pay off, refinancing may be just what your pocketbook ordered.

Another thing to consider is that when you refinance, you have to pay closing costs. Thankfully, you can usually have these costs tossed into your overall mortgage balance, so you don’t have to feel the immediate pain of a few thousand dollars sucked out of your bank account. However, if you’re not sure how much longer you’re going to stay in your current home, you may want to shy away from refinancing. Otherwise, you may move into a new home a month or a year after refinancing, making it impossible to recoup the money you spent on refinancing closing costs. Remember—the purpose of refinancing is to save money. And if refinancing doesn’t put more cash in your pocket in the long run, you’ve done something wrong.

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Fear Not

While you will want to sit down and do the math before refinancing, this is no reason not to consider the possibility.

“A lot of people get nervous about refinancing because they didn’t understand the loan process the first time through,” Melanie says. “At Mellex Title, we get customers the best refinancing rates possible, and we explain everything along the way so customers feel good about the end result and the process required to get there. We want our clients to feel comfortable and empowered to make the right decision, and we do this each and every day.”

Ready to get started on refinancing your home? Let the pros at Mellex Title, LLC make it happen. With a single phone call, you can start finding out whether refinancing is going to help you meet your financial goals and how Mellex can help you meet your goal. Contact Melanie Levine at Mellex Title at (954) 472-5025 or, find Mellex online at, or follow Melanie on Twitter.

Written exclusively for Amplification, Inc. by none other than Daniel Brantley, urban chicken farmer and freelance writer and editor. Find him online, follow him on Twitter, or contact him directly.

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