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Wisconsin Refinance

You may be thinking about refinancing your Wisconsin home to save money. Therefore, it is important that you consider refinancing your mortgage very closely. You need to know what goes into refinancing your Wisconsin home including costs, points, and taxes. The more you know, the better prepared you will be for the mortgage refinancing process and the easier it becomes to save money on refinancing.

Making the Decision

Deciding to refinance your Wisconsin home takes careful consideration. You will need to look at current rates along with your financial situation to decide if refinancing is in your best interest. Most experts recommend that you only refinance your home if the current rate is at least two points lower than the rate you are paying. However, if you are looking at lending companies that will waive a number of the fees involved in refinancing, you can refinance for less.

Look Closely at Your Credit

What does your financial situation look like? How is your credit looking? Do you need to refinance your home? Where you are at financially will determine your refinance rate, so if you do not have the same or better credit than when you originally financed your Wisconsin home, then refinancing may not be right for you. Remember, the idea is to save money. However, if you can improve your credit before you refinance, you will get a better rate on your Wisconsin refinancing. Make sure you are paying your bills on time and reducing your debt.

What Closing Costs?

Sometimes Wisconsin refinance lenders will have you pay closing costs and other fees. However, there are even more companies waiving many of the fees like closing costs or application fees. For instance, many companies will not have you pay any closing costs. Still, look closely at these companies, because they will often give you higher rates to compensate for the lack of other fees.

Add On Some Points

One way to save money on your monthly payments, even when you refinance your mortgage, is to pay extra points. If you pay extra points you can possibly get a lower rate on refinancing your Wisconsin home. This may work well especially if you have borderline credit. The lower interest rate will also save you money in the long term.

The Pre-Payment Penalty

One big fee associated with your mortgage is the prepayment penalty fee. Read over your current mortgage paperwork to see if there is a fee associated with refinancing your current mortgage. If you look over your paperwork and you still are not sure about it, be sure to call your current mortgage lender, as this fee will often negate the positive effects of refinancing.


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