Now’s the best time to refinance | Just Ask Jan

Dear Jan: We have our house on the market but it has not sold yet.

Dear Jan: We have our house on the market but it has not sold yet.

We have learned that interest rates are much lower than when we bought the house a few years back.  In the event that we have to stay here longer than we thought, we’d like to know if we can refinance at these low rates so that our payments will be lower.  What are your thoughts?
— LL

Dear LL: Great question, as today’s interest rates are at historic lows. Anybody who needs to refinance should be doing it now. It is predicted that later in 2012 the rates will start to climb.

There are costs to refinancing, so you really need to talk to a mortgage lender to see if the costs pencil out for you. You need to disclose to your mortgage lender that your house is on the market and in the MLS. If you go forward, they will order an appraisal of the property. The lenders/appraisers don’t want to see that the property is for sale. Therefore, you will need to cancel your listing with your real estate firm. There may be fees associated with that also, so be sure to ask. Once the refinance is complete and the loan has closed, you can relist with the same real estate firm.

Ask your local real estate broker for the name of a mortgage lender that they would trust to do the refinance for you. They know who the good ones are!

Hope your home sells soon.  
— Jan

— Jan Zufelt is an agent with John L. Scott Real Estate in Kingston. Contact her at janz@johnlscott.com.

 

More in Business

.
Port Orchard restaurant at in-dining standoff with state over COVID restrictions

State attorney general seeking temporary restraining order against That One Place

Sound offers grants to help local businesses with advertising

EVERETT — Sound Publishing has launched a local stimulus program to help… Continue reading

.
That One Place penalized by state board for COVID-19 infractions

Port Orchard restaurant has its liquor license suspended for 180 days

.
Fred Meyer store reports having nine employees with COVID-19

Business says it is taking ‘extensive measures’ to keep store safe for employees, shoppers

.
Sweet memories greet visitors to Port Orchard’s The Candy Shoppe

Nostalgic candies and seasonal fudge smells are part of store’s alluring treats

.
Gingerbread House contest, Senior Giving Tree at Port Orchard Market

… and Santa will visit downtown Port Orchard location later in December

Rainy Daze is hosting a Pints for Purpose Event Nov. 28 raising money for Fishline's Christmas Child program.
Fundraiser Saturday for Christmas Child Program

Grab a pint and do some good at Rainy Daze Brewing in… Continue reading

.
Downtown businesses are bracing for a harrowing holiday season

COVID-19 fear, state-mandated restrictions will likely gouge holiday profits

.
Sylling’s Elderberry wins edg3 FUND’s Innovation Award

Campfire Coffee of Tacoma wins grand prize of $25,000

a
Scarecrows will be out on Bay Street this Halloween

Visitors can vote for their favorite at a downtown business

a
Two Port Orchard businesses named edg3 FUND finalists

Winning small business will be awarded $25,000

City extends CARES business rental relief funding
City extends CARES business rental relief funding

Almost $100,000 delivered already to more than 20 local businesses