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.”
[ Broward County Real Estate Market Heats Up ]
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.
[ An Eco-Friendly Answer to Wall Street? ]
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 Melanie@MellexTitle.com, find Mellex online at www.MellexTitle.com, 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.
[ Helping a New Generation of Students Find Their Way ]
Thinking of making a foreclosure your home sweet home? Better gather up your trustees.
After the housing market skyrocketed beyond a maintainable level, it fell to a new low. One of the most noticeable consequences is the incredible number of foreclosures now on the market. But if you’re thinking of getting a low mortgage payment by becoming the owner of a recently foreclosed home, you better know what you’re getting into.
Gift Some Safety!
“Foreclosure properties are great opportunities to get into a nice home at a great price,” says Melanie Levine, owner of Mellex Title, Inc. “You’ve just got to know what you’re doing and surround yourself with people you can trust.” Who should you include in your circle of foreclosure trustees and why? You’re about to find out.
Trustee 1: Inspector
If at all possible, you should have a professional inspector check out your potential new home. While it’s always important to give your next house a good look-over, it’s even more important if your next house is a foreclosure. Because in case you didn’t get the memo, foreclosed properties aren’t always left in pristine condition.
Need Focus?
As the previous owners obviously struggled to make their mortgage, they likely got caught up in things other than home maintenance. As a result, the house may have some serious issues that become yours when you sign on the dotted line. Having a pro look it over will let you determine if you’ve got enough dough to afford buying such a cheap home.
Trustee 2: Loved Ones
Just because a house passes inspection doesn’t mean it’s the place for you. Instead of plunging into buying a foreclosure, have your loved ones check out the place as well. Ask their opinion of the home and accept their opinion for what it’s worth. They may notice issues you overlook because of the great price you’re getting.
If these issues (bad neighborhood, small or unkempt yard, 20 more minutes from work) aren’t enough to keep you moving forward with purchasing the foreclosure, then go for it. Just make sure you consider what your loved ones have to say. They are, after all, trying to look out for your best interest.
Trustee 3: Title Agent
Want to make sure your new home is your home until you’re ready to sell it? Then you need a title agent who makes sure everything is done properly on the front end. That means making sure you get title insurance and a municipal lien search on the property. And a quality title agent won’t let you get away with a hit-and-run lien search. Melanie recommends making sure your search includes code violations, open permits, past due taxes. Otherwise, you may get stuck with something you didn’t bargain for.
Mixed Martial Arts Phenom!
“I had one client who couldn’t be convinced to undergo a municipal lien search, and was so convinced she didn’t need one that she signed an affidavit to hold the title harmless,” Melanie recalls. “As a result, she got stuck with a lien from the previous owner, and it’s all because she was in such a hurry to close!”
Interested in purchasing a foreclosure and want to make sure your money and your home is protected? Contact Melanie Levine at Mellex Title at (954) 914-5858 or Melanie@MellexTitle.com, find Mellex online at www.MellexTitle.com, or follow Melanie on Twitter.
Written exclusively for The Club by none other than Daniel Brantley, chicken farmer and freelance writer and editor. Find him online, follow him on Twitter, or contact him directly. Amplification, Inc. combines the best parts of reputation management, awareness, marketing, public relations, and buzz delivered via social media. Check us out!
God's Heart
