Are increasing mortgage rates a reason to hold off refinancing a home? 

-Today’s mortgage rates need watching and concerns have prompted some home sellers and buyers to delay their plans. Many homeowners who have been planning to refinance are also reconsidering, but, “Is not refinancing right now the best decision?” asks Marc Coons, the Paso Robles mortgage consultant, who also provides refinancing assistance.

“The final decision to refinance or not is completely up to the homeowner,” says Coons, “but taking a deeper look at why they were thinking about refinancing can help.” The top reasons that homeowners consider refinancing include:

• Having access to cash for any number of reasons which can include consolidating credit account balances, making needed improvements to the home, paying off medical bills, or starting a business.
• To remove a former spouse or partner from the loan.
• To change the terms of a loan or the type of loan.
• To get a better rate.

Just as owning a home is an investment in the future, refinancing a home, especially in Paso Robles where property values are high, can also be an investment. Consider, for example:

• Consolidating credit account balances: The difference between the interest paid on the credit accounts and the interest on a refinancing loan can still mean considerable savings to the family budget.
• Making needed improvements: Critical improvements, such as replacing an aged roof, can affect the value of the home and prevent further structural damage from the weather and pests. Remodeling to add living or work space might still be a wise choice, especially if that remodel has the potential to generate additional income or save money for an elderly parent.
• Refinancing to remove a former spouse or partner from the loan is sometimes necessary. Even when the court orders one person to make a portion of the mortgage payments there’s no guarantee those payments will be made. Not only is there a risk of foreclosure, anyone whose name is on the loan or the deed has a legal financial interest in the home, risking the home if the person is sued.
• Changing the terms of a loan or getting a better rate might be valid reasons for refinancing, even in the face of the current interest rates.

After considering the reasons for refinancing and having a discussion with a tax accountant, the next step is to find the lender. That’s where Marc Coons can help. Homeowners have been benefiting from Marc’s help with refinancing homes in Paso Robles and the Central Coast since 2004.

With access to hundreds of lenders, many specializing in non-conventional loans, Marc is in the best position to get the best refinancing or line of credit terms possible. Recognizing that each customer has unique needs and backed by CrossCountry Mortgage, Marc can quickly research and identify a list of lenders that are interested in meeting your refinancing requirements. Marc and his team streamline the process by:

• Answering your questions.
• Thoroughly understanding your circumstances.
• Connecting you with the right lender for the best refinancing terms.
• Streamlining the paperwork application process.

Marc Coons and his team serve all of the communities in San Luis Obispo County and are fully aware of the unique requirements associated with living on a small farm or vineyard, in towns like Paso Robles, San Luis Obispo, Atascadero and in the coastal towns. There are special attractions for living in communities like San Miguel, Santa Margarita, or Cayucos. It’s important to work with a mortgage consultant who has access to lenders who appreciate the economics of the region and the variety of available life choices

Marc Coons
806 9th St, Suite 2A
Paso Robles, CA 93446
(805) 712-8040