Dispelling Refinancing Myths


Is it time to explore your refinancing options?

“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run. And while Farnan Real Estate is not a mortgage broker or lender, we can connect you with leading mortgage experts in and around the greater Wilmington, Delaware area.

YOU’RE NOT TOO LATE. For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.

IT’S NOT TOO TIME CONSUMING. Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?

ARMS CAN BE REFINANCED, TOO. Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The longer you’re planning to stay in the home, the more sense it makes to look into refinancing.

When you work with Farnan Real Estate, you not only get the real estate expertise of the Farnan team, but access to the bullpen of experts Farnan Real Estate has worked with through the years. From mortgage brokers and lenders to short sale experts, home inspectors, contractors and more, the Farnan team can find the correct answers to your questions using the indelible backing of Patterson-Schwartz, Delaware's largest independent REALTOR® and leader in the Mid-Atlantic region. Farnan Real Estate is prepared to guide you through the buying/selling process. Contact Farnan Real Estate today to get started.

Direct: 302.234.5215 | Office: 302.239.3000 | E-Mail: scott@farnanrealestate.com | Licensed in Delaware and Pennsylvania

Farnan Real Estate, a Patterson-Schwartz Real Estate Agent
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