The Major Keys to Understanding When It’s Time to Refinance Your Mortgage

As a homeowner, you may have heard the term re-financing without being aware of exactly what it means, but there are a lot of pros and cons associated with what it can do for your financial situation. While getting a different new loan for your mortgage can be a good financial decision in certain situations, here are some things you should consider before you decide that this is the right choice for you.

Getting A Lower Rate

One of the main reasons that re-financing can be a popular option for many homeowners is that it can provide the opportunity for considerable money savings. Since you will be acquiring a new loan with a lower interest rate, this will be an opportunity to reduce your monthly payments, increase your equity at a faster rate and invest the extra funds into something else. While a lower rate can definitely mean money savings, it’s important to consult with a mortgage professional so you’re aware of any associated fees and can make a decision that will be financially beneficial.

Consolidating Your Debt

It is often the case that people will choose to refinance their mortgage with a lower-interest rate in the hopes of paying off the debt they’ve accumulated, but with the cost of refinancing this is not necessarily the best financial decision. While consolidating debt can be great if you go into it with a budget that you plan on sticking too, if you’re leaning too much on the idea of a lower interest rate meaning instant savings, it may be a good idea to take a look at the numbers.

Investing In Your Home

For many people, re-financing their mortgage is a good opportunity to renovate their home and increase its value. However, while renovating your home can be a good idea for resale, there are many home renovations that will not necessarily increase the value of your home and make up for the amount you’ve invested. If you’re making forward-thinking renovations, refinancing is one thing, but ensure you’ve seriously considered what will add value.

There can be a number of financial benefits when it comes to refinancing your mortgage, but it’s important to work out your tentative budget and crunch the numbers before you make a final decision. If you’re currently looking into re-financing your home and are curious about what it entails, give me a call for more information – J.P. Cook – 602-320-4253.

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4816 W Stargazer Place Laveen, AZ 85339

$609,995

4 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6691847

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to the charming Pomona plan. A spacious great room is at the heart of the open layout, adjacent to a roomy nook and an impressive gourmet kitchen with a walk-in pantry and center island. This home offers a study.. The lavish primary suite offers a generous walk-in closet and a private bath with double sinks and deluxe tub and shower. A convenient laundry and covered patio are also included.

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10430 S 48th Glen Laveen, AZ 85339

$609,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6704814

Property Type Single Family Residence

Price Type --

The Deacon plan includes an attached RV garage, plus two tandem garage bays! Inside, a well-appointed gourmet kitchen with a walk-in pantry, quartz counters, and Shaker cabinets is flanked by a great room and a dining room with covered patio access. You'll also appreciate an elegant primary suite with a private deluxe bathroom with seperate drop in tub bathroom and ample walk-in closet space. A mudroom, a convenient laundry and a flex room will complete the plan.

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10434 S 48th Glen Laveen, AZ 85339

$609,995

4 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6719435

Property Type Single Family Residence

Price Type --

An inviting covered porch welcomes guests to the charming Pomona plan. A spacious great room is at the heart of the open layout, adjacent to a roomy nook and an impressive Gourmet Kitchen with 42'' white cabinets, quartz counters, matte black fixtures throughout, a walk-in pantry, center island, and 10' ceilings. There is stone tile throughout, with carpeted bedrooms. This home will be built with a study. The lavish primary suite offers a generous walk-in closet, private bath #2 w/double sinks, deluxe walk-in shower with rain. A convenient laundry room, tankless water heater, covered patio, and 8' garage doors, are also included.

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4829 W Stargazer Place Laveen, AZ 85339

$609,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6720292

Property Type Single Family Residence

Price Type --

The Deacon plan includes an attached RV garage, plus two tandem garage bays! Inside, a well-appointed gourmet kitchen with a walk-in pantry, quartz counters and shaker style cabinets is flanked by a great room and a dining room with covered patio access including a center meet door. You'll also appreciate an elegant primary suite with a private deluxe bathroom with oversized walk-in shower and ample walk-in closet space. A mudroom, a convenient laundry and a flex room will complete the plan.

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23942 N 171st Drive Surprise, AZ 85387

$609,995

4 Beds

3 Baths

2,630 SqFt

Status Active

MLS # 6645243

Property Type Single Family Residence

Price Type --

Welcome to Estates at Asante , a beautiful community with surrounding views. Look no further as this community offers only single-story homes. Step inside and you'll be greeted by the popular spacious Pomona floor plan. Very airy, open and bright. Perfect for entertaining with he multi slide off the great room and outdoor patio to bring outdoor living inside .Kitchen island awaits the family chef to enjoy the amazing kitchen island and abundance of cabinets. Set up 4 bedrooms, 3 bath, study and 3 car garage. Your dream home is here.

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1865 S 231st Lane Buckeye, AZ 85326

$609,995

5 Beds

3 Baths

3,112 SqFt

Status Active Under Contract

MLS # 6773421

Property Type Single Family Residence

Price Type --

Spectacular and spacious 2-story home in Sundance of Buckeye. Homes sits on one of the largest lots in the neighborhood. Completely remodeled with tons of upgrades. OWNED 42-panel solar system that saves $$$ on electric bills. The home offers ultimate privacy with no rear neighbors due to the common area behind the lot. With low property taxes and HOA fees, this luxurious home is also cost-effective. See the list of upgrades in the docs tab...TOO MANY to list here. Don't miss out on this extraordinary property that blends luxury, modern amenities, and functionality in a peaceful, private setting. Don't miss this one!

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37735 W Padilla Street Maricopa, AZ 85138

$609,990

4 Beds

3 Baths

2,756 SqFt

Status Active

MLS # 6762778

Property Type Single Family Residence

Price Type --

Move in FAST to this completed home! Say hello to luxury, Maricopa! This beautiful Jerome floorplan features an expansive great room with 10ft ceiling and a 15ft multi slider allowing for indoor outdoor living. The stunning kitchen is appointed with stacked cabinetry, matte black hardware, gas stove top, and double ovens! Relax in your Primary with Ultra Spa Shower and large walk-in closet. Your FIVE CAR GARAGE is perfect to store everything! With 8,750 sq ft homesites, come see why K. Hovnanian is the First Name in Lasting Value! ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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3936 E Terrel Street San Tan Valley, AZ 85143

$609,990

4 Beds

3 Baths

2,175 SqFt

Status Active

MLS # 6778908

Property Type Single Family Residence

Price Type --

This home has it all with room for all of your toys! Popular Wayfarer plan features it's own RV garage. This home is situated in the amenity rich community of Bella Vista Farms. Residents enjoy an amenity-rich lifestyle with exclusive access to an onsite swimming pool, picnic area, splash park, playground, basketball court, volleyball court and greenbelt. The local area is host to the San Tan Regional Park, where locals enjoy biking, hiking, horseback riding and more. A public report is available on the Arizona Department of Real Estate website.

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16683 W Saguaro Park Lane Surprise, AZ 85387

$609,990

4 Beds

3 Baths

2,605 SqFt

Status Active

MLS # 6745142

Property Type Single Family Residence

Price Type --

Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender.'' Discover the sophistication of the Coventry floorplan, offering 4 bedrooms, 3 baths, and an additional kitchen with living space. Noteworthy structural details include a step-free shower, 8' interior doors, and a spacious 3-car garage. The home is further enhanced with built-in appliances, quartz kitchen countertops, a gas-ready kitchen, a BBQ-ready backyard, and a laundry area equipped for a gas dryer.

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5317 W Rainwater Drive Laveen, AZ 85339

$609,990

5 Beds

3.5 Baths

3,550 SqFt

Status Active

MLS # 6769244

Property Type Single Family Residence

Price Type --

MLS#6769244 January Completion! Discover The Turquoise at Tierra Montana Encore, a spacious two-story home that greets you with a charming front porch entry. Upon entering, you're welcomed by a light-filled foyer that leads to a versatile study. Entertain in the formal dining room, then flow seamlessly into the open kitchen, casual dining area, and gathering room. The private owner's suite offers a luxurious retreat with a spa-like bath and a large walk-in closet. Upstairs, you'll find four additional bedrooms, two full baths, and a generous loft, perfect for family living or recreation. Structural options include: tub at owners bath, garage service door, paver front porch, laundry room sink.

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37630 W Padilla Street Maricopa, AZ 85138

$609,990

4 Beds

3 Baths

2,765 SqFt

Status Active

MLS # 6749647

Property Type Single Family Residence

Price Type --

Move in FAST to this completed home! Say hello to luxury, Maricopa! The captivating Jerome floorplan features an expansive great room, 15ft multi slider, home office, and stunning kitchen appointed with stacked cabinetry, gas stove top, double ovens, and matte black hardware! Relax in your freestanding tub, host on the patio, or take out the toys from your FIVE CAR GARAGE! With 10ft ceilings, 8ft doors, and 8,750 sq ft homesites, come see why K. Hovnanian is the First Name in Lasting Value! ^^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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3365 E Aris Drive Gilbert, AZ 85298

$609,990

4 Beds

2 Baths

2,122 SqFt

Status Active

MLS # 6751289

Property Type Single Family Residence

Price Type --

POSSIBLE ASSUMABLE CONV LOAN 3.49% Stunning 4 bed/2bath home is perfectly situated on a corner lot in the sought-after community of Marbella Vineyards. As you step inside, you're greeted by a spacious front living and dining room, ideal for hosting guests or enjoying quiet evenings at home. The heart of the home is the modern kitchen, boasts an oversized island, perfect for both meal prep and entertaining. Modern floor tiles flow throughout the entire house, providing both style and easy maintenance. The owner's suite offers a tranquil retreat with a cozy sitting area complete with a bay window. The secondary bathroom offers double sinks for added functionality. Extended 2.5-car garage provides ample space, featuring built-in cabinets and overhead racks to help keep everything organized Step outside to the low-maintenance backyard, lush turf and an open fence, creating an oasis with only one neighboring property. Additionally, the home comes equipped with leased solar panels, enhancing its energy efficiency and reducing utility costs. This home truly has it all, from its modern finishes to its thoughtful design, ensuring comfort and convenience at every turn.

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