Is It Time to Refinance Your Santa Cruz Real Estate?

Posted by Lauren Spencer on Friday, June 19th, 2009 at 3:57pm.

With money worries on the rise the first place many turn to is the monthly budget. It seems to be unyielding and rigid. What else can you cut when you've eliminated everything you don't absolutely need?

One of the best places to cut expenses can be your mortgage. Now with the new stimulus plan in effect it's even more possible to refinance your Santa Cruz real estate to get the most savings possible. Here are a few things to look for to decide if refinancing is right for you:

• Are you interested? The interest rates have dropped due to incentives by President Obama. If the current interest rate is lower than your existing rate, you might be able to save hundreds of dollars each month when you refinance.  Check with your mortgage provider to determine if you can save money by refinancing.

• Give yourself credit. You're entitled to a free credit report from all three major credit reporting companies each year. Use it to find out your credit score.  If your score is above 650 on all three, you have a good chance of taking advantage of the new interest rates.

• Location, location, location.  If you live in one of the major metropolitan areas of the U.S. and have a typically high mortgage over $417,000.00, you could benefit a great deal from refinancing immediately.  Conversely, if you live in a declining market, you will need much higher equity and a better credit score than 650 to successfully refinance your existing loan.

• What's your line? If you have at least 10% equity in your home, you are in good shape to refinance.

Knowing where you stand is the first step in deciding if refinancing is right for your Santa Cruz real estate. If you have any questions about refinancing, give me a call today at 831.662.6522 or email me at lauren@laurenspener.com   I'm happy to help.

 

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best places to cut expenses

interest rates

3 major reporting companies

About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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