Mickey Lackey, REALTOR

Refinancing Your Mortgage may NOT be the thing-to-do!

For those homeowners sitting on top of a 7%+ mortgage that was a pretty good deal not too many years ago, the first and only option you might have considered is refinancing your home. If everything else is equal and stable, it is the thing to do. I did it. I dropped $40 a month AND 15 years from my payment. It is the route I chose to go because I love my house, my needs have not changed since I bought it, and are not likely to change over the next five years. There were costs involved, of course. For my needs, it was well worth it.

It may not be the right thing for others, and here's why.

You are essentially re-purchasing your home. Therefore, you have closing costs, appraisal, prepaid interest, bank fees and escrows to pay, just as if you were purchasing a new home. Granted, you don't have to move.

But there is the point of my thinking on this subject.  WOULD you buy the home you are in NOW, if you were buying a home - now?  If the answer is no, refinancing is a complete waste of money.

Ask yourself these questions:

Is your home now too small, or too large for your current and foreseeable needs?
Is maintenance becoming an issue?
Do you see your family size growing or shrinking in the next five years?
Are you still thrilled with the location of your house?
Did your work address change, causing a longer commute than you used to have?
Would you rather have some more up-to-date features and appliances?
Go a little newer, or brand new, custom built, for that matter?

When you look at the suitability and functionality of your current home, and realize that you could buy nearly twice the home for the exact same payment, would you buy the one you are in? Would you like to see some homes that you could currently buy for the same payment? Do you need some help with the real estate math?

As always, if you'd like to look at real numbers and have me give you information specific to your particular situation, call me NOW (325) 665-5939. I'll analyze your current equity position and payments, and show you the costs and the savings involved. Maybe even show you some alternate homes... always no pressure, no obligation, free information is power.

If you do decide to stay put, ask me to recommend a local lender for your refinance!


Mickey Lackey
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325-665-5939
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