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PINNACLE HOME LOANS

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Does Home Refinancing Make Sense for You?

Writer's picture: Toni F. RyanToni F. Ryan

Updated: Jan 31, 2024



Refinancing a home mortgage is a big decision. Your situation and needs change so should your mortgage. Current market conditions have brought low rates and increasing home values so the time to evaluate your options is here. If you have an FHA mortgage, which you entered into before January 2015, then you may want to take advantage of a new reduction in the mortgage insurance premium. This has opened the door to refinancing your mortgage using a streamline option which can allow a reduction with no appraisal or income qualification. Some restriction apply but the reduction can save you money on your monthly payment. How do you decide if refinancing makes sense for you? Ask yourself these questions:

  • Are you in an adjustable rate mortgage?

  • Do you have mortgage insurance added to your monthly payment?

  • Are the current mortgage rates at least .75 to 1% lower than your current rate?

  • Do you need cash out for other financial opportunities or to pay debt?

  • Does the cost of refinancing divided by the monthly payment savings equate to a reasonable term for recapturing your fees?

If you answered “Yes” to any of the above questions, then you may want to explore refinancing and the savings that may apply to your specific circumstances. A mortgage professional can find the right refinancing solutions for you.


 

ABOUT THE AUTHOR


Toni F. Ryan | NMLS#230507

Senior Loan Consultant

Peak Residential Lending 


Toni F. Ryan has over 20 years experience in mortgage lending - both on the wholesale and retail levels. She believes that education is key to making the best decision for YOU! She shares her insight into the lending world here and encourages your feedback. Don't forget to connect on Facebook!

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Toni Ryan - NMLS#230507
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Email: toni@toniryan.com

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333 University Avenue Ste 200 #7
Sacramento, CA 95825
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© 2025. All Rights Reserved | Equal Housing Lender | Not a commitment to lend. Rates and terms subject to change without notice. Licensed by the California Department of Financial Protection and Innovation under the California Residential Mortgage Act No. 4130968; AL #22653; AR #32700; AZ #1015403; Colorado regulated by the Division of Real Estate; DE #019623; FL #MLD819; Georgia Residential Mortgage Licensee #20924; ID #MBL-5861; Kansas Licensed Mortgage Company #MC.0025601; KY: #MC701698; MD: #16927; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance;Licensed by the Minnesota DOC #MN-MO-1141; Licensed by the NJ Department of Banking and Insurance; NC: L-152867; NV: #3681; OK: #ML012358; Licensed by the Oregon Division of Financial Regulation #ML-3808; PA: #37008; TN: #112513; Licensed by the Virginia State Corporation Commission #MC-5579, WV: #ML-31523/MB31759. NMLS #1141. www.nmlsconsumeraccess.org  Privacy Policy

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