Oftentimes at the start of each year, homeowners will look at what the year holds for them in real estate. Whether they’re considering buying, selling, buying their dream vacation home on Lake Nacimiento, or simply getting their finances in order.
As a Lake Nacimiento Real Estate agent, I know it can feel overwhelming to think about embarking on the Lake Nacimiento Real Estate market no matter what your real estate goals. I want to help clarify the buying and selling process, along with providing other real estate tips and advice so you will feel more confident as you take each step.
If you’re one who’s considering refinancing your Oak Shores or Heritage Ranch home this year due to recent financial changes or in hopes of cashing in on the low mortgage rates before they increase; I thought it would be helpful to point out five of the most common refinancing mistakes. My hope is that, after viewing them, you’ll know what pitfalls to avoid and go through the refinancing process successfully.
When refinancing your Lake Nacimiento home; here’s what you’ll want to avoid!
1. Over-estimating the value of the home- Although home prices have fallen over the past few years, homeowners still put high value on their homes. As a result, they receive higher-than-expected loan offers. Your Lake Nacimiento Real Estate agent will be able to show you what comparable homes in your neighborhood are currently selling for so you can get a better idea of what your home is worth.
2. Hesitating to lock in low rates- Waiting for rates to drop even lower can be the biggest mistake, and with the market continuing to improve, there’s no promise that rates will remain low. Take the opportunity now to lock in these historically low rates before it’s too late.
3. Focusing only on interest rates- While interest rates are important, those aren’t the only factors to consider when refinancing your Lake Nacimiento home. Lender fees, loan terms and even lender reputations will play a role in refinancing. Using online tools to run all the numbers can be useful to determine if financing is even the right choice for you.
4. Overlooking shorter-term loans- Although the 30-year mortgage loan is the most popular, remember that there are 20 or 15-year mortgages that may be a better option. These shorter loans can save significant amounts of money since you’ll be reducing the amount of paid interest over time.
5. Not knowing what documents are required to refinance- It’s important to know which documents are needed before you begin to refinance. For those of you who haven’t taken out a mortgage or refinanced lately, you may be surprised to find there’s more documentation needed than in the past. Pay stubs, two months of banking and other financial statements, two years of W-2’s are just some of the documents required to refinance.
Refinancing your Oak Shores or Heritage Ranch home can be a very viable option, but it’s important to be aware of what can go wrong so you can avoid any mishaps.
If you have questions about refinancing or would like to learn more about the Lake Nacimiento Real Estate market; please feel free to contact me today! I would be happy to answer any questions you have!
Your Local Lake Nacimiento Real Estate Expert
Oak Shores Realty
Oak Shores Realty specializes in Oak Shores at Lake Nacimiento properties. Please contact us today to get more information on Lake Nacimiento lake homes. Oak Shores Realty can also provide you an insiders “Lake Nacimiento Buying Guide” with great information including maps and market information.
Please let us know how we can help!