At Indigo Mortgage, we often get calls from Colorado home owners who are considering a mortgage refinance but want to know if it’s the right thing to do.

We take those conversations seriously; these are real people making serious decisions that impact the financial future for themselves and their families. Here are some important questions to consider if you’re wondering if a refi is right for you.

1. How long are you planning to stay in the home? If it’s a short time, such as a couple of years, then a refi is probably not worth it. If you’re planning to stay in the home for 5 or more years, it may be worth it. If so, then the next question is: will the monthly saving help you and your family?’
2. Are you wanting to pay off the house sooner? If so, you may want to consider a shorter term mortgage or you could further reduce payments with a refi into another 30 year term.
3. What would your potential savings be, both in your monthly payment and in your overall costs over the life of the loan? To determine that, we can do an evaluation for the borrower without pulling a credit report. Our evaluation can be done by using the information from a current mortgage statement. This evaluation gives the borrower all the information you need to make a decision, what the new rate is, new loan amount, complete closing costs, and what the new payment will be. We give the information to the borrower to make the decision and encourage you to shop your mortgage, as we can almost always provide the most competitive rates and lowest fees.

If you’re ready to see if a mortgage refi is right for you, call Indigo Mortgage Colorado today. We’ll help provide answers to your mortgage questions and the information to get you started.