If you would like to use some of your equity or make lower monthly premiums, then maybe you are thinking of replacing your existing mortgage loan. The professionals at Countywide Title in Plainview, Texas would like to give you some guidance on this subject.

Is it Worth the Time and Cost?

Consider whether you will be keeping your property for a long enough amount of time to make the effort and cost worthwhile. If you don't owe more than $30,000 currently, it probably isn’t worth remortgaging. It’s also important to consider how the market is looking at this moment; if your current plan gives you a better rate of interest than what the market is now offering, don’t replace your existing mortgage! It’s only worth it if you can transfer to a much lower rate of interest.

What Type of Mortgage Should You Choose?

Maybe you would like to switch over to a mortgage with a lower interest rate. It’s definitely worth considering which type of mortgage would be best for you. Some mortgages have fixed interest rates for the entire term, whereas some will have an adjustable rate which will vary over the years. There is the risk that you may end up paying higher interest rates than you are now. But if you feel sure that the interest rate will drop in the future, it may be worth considering an adjustable rate agreement even if the current rate is higher than that of a fixed-rate deal.

Consider the Fees

There are a number of fees you may have to pay in order to remortgage your home. Your current lender may tack on early repayment charges and exit fees. And then there are the arrangement and legal fees charged by the lender you are switching to. Make sure you consider these extra fees in your budget.

For Title Insurance in Plainview

If replacing your existing mortgage is not for you, perhaps you might want to sell your property instead. If that is the case, you will need legal assistance or title insurance. Contact Countywide Title Company at (806) 293-8363 to find out how we can assist you.


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