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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2907 S Elm Street Tempe, AZ 85282

$575,000

4 Beds

3 Baths

1,863 SqFt

Status Active

MLS # 6738692

Property Type Single Family Residence

Price Type --

Two Ensuite Bedrooms can be found in this 4BR/3Bath/2CG house, which was completely remodeled within the outside shell of the original structure and a room addition was added. Included in the remodeling was the addition of a master bedroom/bathroom, increasing the kitchen size with pantry, extending the family room, connectivity to the laundry room & a new 2 car garage. Within the original shell and room addition, the following were replaced: wall studs & drywall, water & sewer line, electrical wiring and AC ductwork & vents. The sewer service to & in the alley was replaced as well. This home is well worth a look! Follow the new flooring to a bright, open kitchen with beautiful raised panel cabinets, recessed lighting, breakfast bar & walk-in pantry. The private back yard feels like home!

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9624 E Thunderbolt Avenue Mesa, AZ 85212

$575,000

5 Beds

3 Baths

1,934 SqFt

Status Active

MLS # 6722619

Property Type Single Family Residence

Price Type --

BETTER THAN NEW Single-Level 5 Bedrooms & 3 Full Baths! Professionally Landscaped Backyard has low maintenance synth Grass & Pavers! Wood-Plank tile throughout entire home. Carpeted Bedrooms. Gorgeous Kitchen has white Cabinets with dark hardware, an upgraded Gas Stove/Range, HUGE Breakfast Bar, Quartz Counters, BIG Pantry! Private Split Bedroom & Bathroom is perfect for an Office or Guests. High-end Lighting fixtures & Ceiling fans! Designer touches everywhere! 9+ foot & vaulted Ceilings. Garage overhead Storage Racks. Tankless water heater. N/S exposure. Water Softener. Cadence HOA amenities - multiple lap & play Pools with water slides, Tennis/Basketball/Volleyball/Bocce Sport Courts, Fitness & Community Centers, Playgrounds, Dog Park. Schools close by. Don't miss this one!

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3792 S Tower Avenue Chandler, AZ 85286

$575,000

3 Beds

2.5 Baths

2,042 SqFt

Status Active

MLS # 6730052

Property Type Single Family Residence

Price Type --

Seller offering $5,000 credit! Well maintained 3 bedroom, 2.5 bathroom home with a pool, irrigated front yard, newly painted interior walls. Great floor plan with 2 living areas on the main floor - open area when you enter the home plus great room concept kitchen and family room at the back of the house. The kitchen has ample storage and counter space and is open to the spacious family room with dramatic two story ceiling. All 3 bedrooms are upstairs. The oversized primary suite faces the back of the home. The attached bath features dual vanities, soaking tub, step in shower, and walk in closet. The secondary bedrooms are nice sized and both have ceiling fans. There is a nice built in desk at the top of the stairs plus upstairs laundry! BRAND NEW AC UNIT! The backyard has a covered patio, a meticulously maintained pool and waterfall feature. Plus mature landscaping and a fire pit! Great location near freeways and amenities!

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22701 E Avenida Del Valle -- Queen Creek, AZ 85142

$575,000

5 Beds

3 Baths

2,799 SqFt

Status Active

MLS # 6732380

Property Type Single Family Residence

Price Type --

Contemporary 5 bed, 3 bath house with 2,800 sqft in Queen Creek's sought-after Meridian community. Built in 2018, with updated styling throughout. Enjoy a gourmet kitchen, spacious master suite, and a low-maintenance yard. The residence also boasts a 3-car garage. Experience Arizona living at its finest with access to the 5,000 sqft community pool and quick access to Queen Creek Marketplace, top-rated schools and scenic parks. This house is also pre-wired for 16 security cameras.

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2315 E Monona Drive Phoenix, AZ 85024

$575,000

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6734118

Property Type Single Family Residence

Price Type --

JUST RENOVATED! AC & ROOF 2023. Welcome to this beautiful 3-bed, 2-bath home that has been recently remodeled! Vaulted ceilings and the open concept kitchen and family room make this a great space for gathering and entertaining. The kitchen has new stainless steel appliances, quartz counters, a pantry, white shaker cabinetry, and an island with breakfast bar. The large primary bedroom has a gorgeous en-suite bathroom with dual sinks, separate tub and shower, & a walk-in closet. Enjoy the privacy of the backyard & relax outside under the covered patio. This home also has brand new exterior paint, so from curb appeal to stylish interior finishes...this place is ready for you!

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13357 W Mayberry Trail Peoria, AZ 85383

$575,000

2 Beds

2 Baths

1,827 SqFt

Status Active

MLS # 6743221

Property Type Single Family Residence

Price Type --

Very livable, Charming 2 bedroom, 2 bath plus Den home in the highly desirable Adult community of Trilogy in North Peoria! This special home has great curb appeal. Step inside to a nice open den space and split front bedroom. Initing living/dining and kitchen area where you will find a large seating island, granite counter tops, Clean white cabinets and stainless appliances. Primary bedroom with ensuite bath featuring dual vanities, beautiful step in shower and walk in closet. Wonderful outdoor living with large covered patio overlooking a beautifully landscaped yard with extensive use of pavers and artificial turf. Trilogy offers the very best of retirement living in Arizona - community pools, fitness centers, golf, tennis, pickleball and loads of classes and clubs!

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6402 N 45th Avenue Glendale, AZ 85301

$575,000

5 Beds

4 Baths

2,681 SqFt

Status Active

MLS # 6744593

Property Type Single Family Residence

Price Type --

Welcome to this stunningly remodeled 5-bedroom, 4-bathroom home, where no detail has been overlooked. Every aspect has been updated, featuring new tile flooring, Italian cabinetry, sleek black stainless steel appliances, modern windows, fresh lighting, new paint throughout, and so much more. The spacious open floor plan includes multiple living areas and a versatile den or dining room. Outside, enjoy a generous covered patio perfect for entertaining, alongside a garden area surrounded by mature citrus trees. Conveniently located within walking distance to schools and shopping, this home offers both luxury and practicality with space for everyone to enjoy!

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2647 N Miller Road Unit 16 Scottsdale, AZ 85257

$575,000

3 Beds

2 Baths

1,542 SqFt

Status Active

MLS # 6746341

Property Type Single Family Residence

Price Type --

Rare Old Town Scottsdale Single Family Detached with Two Car Garage on the Coronado Golf Course. New paint in and out with BRAND NEW HVAC system. New Water Heater, and Appliances. Three 3yr old Roof and Updated fire sprinkler heads. This amazing home on a premium lot with a community pool and no common walls. A wonderful year-round home, winter getaway or income property. Large living/dining area with fireplace, tall ceilings, and golf course views. Owner's suite has golf course views, private bath, walk-in closet and patio exit. Third bedroom can be an office with french doors. Direct entry to kitchen with pantry from a 2 car garage with built-ins. Full size washer and dryer with lots of storage space. Enjoy premier Scottsdale art galleries, upscale shopping, restaurants, local music

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3308 E Jasper Drive Gilbert, AZ 85296

$575,000

3 Beds

3.5 Baths

2,537 SqFt

Status Active

MLS # 6747866

Property Type Single Family Residence

Price Type --

Charming Family Home in Prime Location! This inviting 3-bedroom, 3.5-bath home offers the perfect setting for family living. Featuring a versatile loft space ideal for a playroom, family movie nights, or a cozy home office. The spacious, fully turfed backyard is ready for endless outdoor fun, whether it's for games with the kids or relaxing under the stars. Located just a short walk from local restaurants and stores, this home combines the warmth of family living with the convenience of nearby amenities. A wonderful place to make lasting memories!

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28721 N 128th Drive Peoria, AZ 85383

$575,000

2 Beds

2 Baths

1,813 SqFt

Status Active

MLS # 6749410

Property Type Single Family Residence

Price Type --

This charming, meticulously cared for home has 2bd/2ba + den and is located on a quiet cul-de-sac in the highly desirable, gated community of Trilogy at Vistancia. This lovely home has many upgrades including central vac, a large eat-in kitchen with loads of storage, s/s gas appliances, and it opens to the great room with a custom wall unit and built-in surround sound. Just off the great room is access to a tranquil, private courtyard complete with a gas fireplace. The backyard has lush landscaping, fire pit, fountain, mister system, artificial turf and generous use of pavers. The upgrades continue in the extended garage which has plenty of storage cabinets, shelving, mop sink, and epoxy floor. You can even listen to music/tv from the great room with the built-in speakers in the garage. You will absolutely love the world class amenities in the active adult community of Trilogy at Vistancia.

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7723 W Encinas Lane Phoenix, AZ 85043

$575,000

5 Beds

3 Baths

3,818 SqFt

Status Active

MLS # 6751731

Property Type Single Family Residence

Price Type --

Discover your dream home in Phoenix! This stunning property boasts a spacious 3,818 sq. ft. floor plan with 5 bedrooms and 3 bathrooms, perfect for growing families or those who love to entertain. Enjoy Arizona summers with your very own private pool, ideal for relaxing and hosting gatherings. The home features a brand-new AC system and updated flooring, ensuring comfort and style throughout. Located next to a beautiful greenbelt to the west, this home offers a peaceful outdoor environment while being close to local amenities. Don't miss out on this amazing home.

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17392 W Grant Street Goodyear, AZ 85338

$575,000

4 Beds

3.5 Baths

3,148 SqFt

Status Active

MLS # 6753144

Property Type Single Family Residence

Price Type --

Welcome to your new home in Canyon Trails! It's a 4-bedroom, 3.5 bath, 3148 sf single-level home on an oversized corner lot with a 3-car tandem garage and RV gate! Enter through the charming courtyard that leads into a home rich with character. Enjoy a spacious open floor-plan with natural light pouring through the windows, neutral custom paint throughout, and a blend of tile and wood-look floors. The large kitchen shines with stainless steel appliances, wall ovens, tons of cabinetry for extra storage, granite countertops, and a large center island with a breakfast bar. Get a good night's sleep in the main suite, featuring backyard access, a sitting area, and a private bathroom with dual vanities, a soaking tub, walk in shower, and walk-in closet. 3 additional bedrooms, including another en-suite, plus a versatile den offers office potential towards the front of the home. Out back you'll find a low maintenance yard with a screened-in patio and Ramada ready for cooler temps! Easy access to major freeways, shopping, dining and Spring Training Games at Goodyear Ballpark. Don't miss out!

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