What You Need to Know About Refinancing

August 29, 2024 – St. Louis, MO –

Will you know when the perfect time is to refinance your home loan?

Let’s start from the beginning: what does it mean to refinance?

“Refinancing is when you replace one loan with another one, typically with the aim of locking in a better interest rate, lowering monthly payment or accessing your equity.” From Experian.com

At Gershman Mortgage, we want to help you be prepared to refinance when that day finally comes! Here are some tips on how you can stay ready to refi:

1. Stay current on your monthly mortgage payments
2. Make sure your credit is in good shape with a free online credit check
3. Check your home’s market value to ensure it exceeds your mortgage balance. Anywhere between 3 to 20% is a good rule of thumb
4. Check your debt-to-income ratio – if you have recently added a lot of credit card debt since your original financing, now may not be the best time to refi
5. Be ready by having cash to close on hand before you start the process to avoid any bumps along the way.

Keeping track of these five things can help you seize a favorable rate when the time comes. Interest rates fluctuate daily – don’t delay locking a great rate because it could be gone tomorrow!

Refinancing as soon as interest rates decrease is a no-brainer, but Gershman Mortgage is sweetening the deal by offering a Refinance Promotion! If you purchased your home with Gershman within the last two years and have made 6 mortgage payments, we will waive the $1,095 application fee if you refinance with us by December 31, 2025! * 

As a leading lender committed to helping people head home for almost 70 years, Gershman Mortgage is ready to answer all your questions about refinancing and home financing. Check out our refinancing widget today, and if you would like to explore opportunities for refinancing further, reach out to a Gershman loan officer near you!

About Gershman: Communities, families, and homes are at the heart of what we do
at Gershman Mortgage. Our founding principles are based on the core values of
honesty, integrity, the entrepreneurial spirit, and putting our customers first. We are
passionate and committed to customer service and strive to ensure that we exceed
the expectations of our customers. We are a customer-centric company devoted to
creating and maintaining long-lasting relationships.

NMLS #138063 16253 Swingley Ridge Road Suite 200 Chesterfield, MO 63017 (800)
457-2357 Equal Housing Lender.

*This is for informational purposes only and not an offer to lend or extend credit. Subject to credit and income approval. Terms and conditions are subject to agency and investor guidelines. Customer must have tangible net benefit for refinance. Gershman Mortgage customers must make at least six mortgage payments to be eligible for this offer.

Written by Alli Wideman 08/29/2024 for Gershman Mortgage