Charter One Realty - Office A
Neil Castellane, Charter One Realty - Office APhone: (843) 338-6345
Email: [email protected]

Is Refinancing A Good Option For You?

by Neil Castellane 09/15/2019

Every homeowner knows how difficult it is to maintain a household. There are so many things that could go wrong in one’s life that committing to significant home payments may cause trouble.

Those who have been in debt knows that the reality of real estate is that it goes up. The value of your house would increase with the limited inventory and the high demand for homes. 

Refinancing is always a viable option for every homeowner. With that, if you are asking if refinancing is a good step for you, the following should provide an answer:

First, refinancing is not a one size fits all kind of solution. It has different types which would determine if it is the right step for you.

There is a cash-out refinance which allows the homeowner to take advantage of the increase in price and replace the existing mortgage with a new one. Every person should know, however, that taking out cash-out refinancing is not good for those who cannot handle their payments in the first place. It renews your loan and extends it for a period, but it is not always a solution for those who lack self-control.

There is also a rate refinance where you would renegotiate the interest rates that you are paying. This one is a good step for those who are willing to pay off some of the debt through the equity and place it directly on loan.

Second, refinancing is not free. A common mistake that people think is that their refinancing option is open, so they get shocked when they have to pay about a thousand dollars for it. If you are in a position where you can afford a thousand dollar lost for tens of gain, it should be a good step for you.

Third, refinancing extends the term of your loan. You may feel like you get out of debt with refinancing but what you are only doing is reaching the end of your credit, and you are still in debt.

Now that you know some facts about refinancing, you can make a better decision if it is right for you and your mortgage. A financial adviser could advise you, but it is you who ultimately makes the decision.

Keep in mind that in case you need to ask more questions, you should ask a real estate professional and seek help from the experts.

About the Author
Author

Neil Castellane

About Neil

I have been selling Real Estate in the Lowcountry for nearly 20 years. With sales of over $100 Million and hundreds of transactions under my belt, I have the knowledge, experience and proven track record to help you find a new home or sell your property. I am a member and former board member of the Hilton Head Area Association Realtors. I am also a member of community service based organizations including VanLandingham Rotary and have spent multiple years on the board, and am a founding member of the the local Civitan organization.  

About Larry

I have been working with buyers and sellers on Hilton Head for 30 years. I know the Island and the Lowcountry area and have been tuned into the dynamics and changes that have taken place here over these many years. I have specialized in new construction and ocean oriented property in the Lowcountry. However, I have represented clients in over a quarter of a billion dollars in sales all over Hilton Head Island and Bluffton and in all types of property.  I am a member of the Hilton Head Area Association of Realtors and a lifetime member of the Distinguished Sales Award.  My wife, Dawn, and I have 3 children - Jonathan, Stephen, and Abigail.  All of us enjoy being involved in the community, primarily through sports, school, and church. I came down here to sell real estate and have never looked back.  I can’t imagine a better place to live and raise a family.  I can help you with villas, golf-oriented properties, plantation homes, oceanfront or rental opportunities.  Call me today for any and all of your real estate needs in the Hilton Head Island, Bluffton and Lowcountry area or e-mail me at [email protected].

My Promise to you

Contact me today and get the representation you need to find property on Hilton Head Island and the surrounding Low Country. Get the facts: Rental quotes, costs and hidden fees, past sales, floor plans, current MLS and FSBO listings, even properties that are not currently listed for sale yet. I have the knowledge and experience to give you ONLY the BEST service and all at NO COST TO YOU!!! My record speaks for itself and my clients will tell you, ALL OF THEM!!! Desire...that sums up my persona in one word. The desire to accomplish goals in the work place, in the community, and in my personal life. Since moving to Hilton Head Island and working with the Wm F. Hilton Company, that concept is stronger than ever. A resident for nearly ten years, I have already established a foot hold in the community.