Paying discount points can get you a lower interest rate. Your savings over the life of the mortgage might be substantial if you have paid up front about three percent of the new loan total. We recommend that you talk to a tax professional before acting on hear-say that any paid points may be deducted on your taxes.
Speaking of taxes, once your interest rate is lowered, of course you will also be reducing the interest amount that you'll be able to deduct from your taxes. This is one more expense that borrowers take into consideration.
All things considered, for most people the amount of initial costs to refinance are paid back very quickly in monthly savings. We will work with you to find out which loan program is perfect for you, taking into account your cash on hand, the likelihood of selling your home in the next few years, and what effect refinancing will probably have on your taxes.CALL US AT 864-438-4550 TO EXPLORE YOUR MORTGAGE REFINANCE OPTIONS.