Jump to Navigation
We can handle your closing anywhere in the state.
Subscribe to This Blog's Feed

Homeowners repeatedly refinance their property: Is it worth it?

It's no surprise that homeowners are doing everything they can to be budget conscious -- even if they are not particularly distressed. This is why many people have refinanced their real estate multiple times over the last few years. Though interest rates have dropped, and will likely remain low, South Carolina homeowners may be asking if repeated refinancing actually amounts to savings.

Homeowners tend to consider refinancing when they see a drop in interest rates between a half and whole point. For example, one couple saved approximately $150 monthly by refinancing twice over the course of four years. Even though homeowners are not saving as much as they did through refinancing in years past, saving a couple hundred dollars every month adds up over time.

According to mortgage data from Freddie Mac, 23 percent of homeowners who refinanced during the second quarter of this year reduced the balance on their loan by refinancing. Additionally, 59 percent maintained the same balance after completing the refinance transaction.

At a certain point, a person must ask themselves if the time and resources required to complete a refinance makes financial sense. In order to determine the value of refinancing, it may be helpful to determine how much can be saved and how long you intend to keep the property. Armed with this knowledge, you can explore available options and move forward with the wisest plan.

Certainly, any amount of savings could justify refinancing for the budget-minded homeowner in South Carolina, but the effort becomes more worthwhile if the terms of the transaction become more favorable for the homeowner. During the refinancing process, it is important to make sure the homeowner gets the best possible interest rate and loan terms. This is why it may be helpful to seek knowledgeable advice when considering refinancing your real estate.

Source:

  • Our firm is equipped to handle a variety of residential and commercial real estate matters, including refinancing. For more information, please check out our Charleston real estate refinance page.

No Comments

Leave a comment
Comment Information
Tell Us About Your Transaction

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close
Visit Weeks & Irvine at One of Our Six Locations

North Charleston office 8086-B Rivers Avenue
North Charleston, SC 29406
Phone: 843-553-9800
Toll Free: 800-553-7449
Fax: 843-553-9804
Maps and Directions

Mt. Pleasant office
1100 Queensborough Blvd, Suite 102
Mt. Pleasant, SC 29464
Phone: 843-856-9800
Toll Free: 800-553-7449
Fax: 843-216-0930
Map and Directions

Mt. Pleasant North office
3040 Highway 17-A North, Suite B
Mt. Pleasant, SC 29466
Phone: 843-388-3250
Toll Free: 800-553-7449
Map and Directions

West Ashley office
873 Orleans Road, Suite 102 1/2
Charleston, SC 29407
Phone: 843-571-2996
Toll Free: 800-553-7449
Fax: 843-571-2998
Map and Directions

Summerville office
106 West 7th North St
Summerville, SC 29483
Phone: 843-875-7111
Toll Free: 800-553-7449
Fax: 843-875-7721
Map and Directions

Goose Creek office
567 Crowfield Blvd.
Goose Creek, SC 29445
Phone: 843-553-9100
Toll Free: 800-553-7449
Fax 843-553-9183
Map and Directions