finding a home that meets your criteria

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finding a home that meets your criteria

When you know exactly what you want in a home, finding that home can be very hard. If you want a home that is a single level with multiple bathrooms and bedrooms of a certain size, it can be nearly impossible to weed through all of the available listings to find that one house that meets your criteria. So how can you make a difficult search a little easier? Our blog will provide you with tips and advice that will help you narrow down your long list of options and find the one home on the market that will meet your needs exactly.

Three Hidden Costs of Refinancing

When faced with the opportunity to refinance, many people look no further than the monthly payment. If you can refinance and get a lower monthly payment, that is a good thing. However, if you are looking to refinance your home or other real estate, there are other things to take into consideration before taking out another loan to refinance an existing loan. Overall monthly payment is just one factor.

Interest Rate

You might be able to refinance and lower your payment. However, you may get stuck with a higher interest rate. While this may help your monthly budget and free up room for something else, it can really cost you over the life of the loan. If you are going to refinance, don't do it unless you can find a loan that offers you a lower interest rate. And don't forget to factor in any other costs, in addition to your principal and interest payments, that will affect your loan payment in the months and years to come.


If you can refinance for a lower monthly payment but are going to have to tack several more years on to the end of the loan, it may not be worth refinancing. These additional payments can cost you thousands of dollars that you wouldn't have paid before you refinanced. If money is tight, consider cutting something else out of your monthly budget to free up funds. This will help you avoid refinancing your mortgage and getting a deal on a loan that isn't as good as what you currently have. You should also watch out for balloon payments that keep your monthly payments low. You may be in worse financial condition at the end of the loan, and that balloon payment at the end could cost you your home.

Closing Fees and Other Costs

If you can get a lower monthly payment with a lower interest rate and not cost yourself too much extra, you should go for it. But, make sure you check with your lender before you sign the paperwork. As with any mortgage, you will likely have to pay closing costs. These additional closing costs on the new loan may negate any monthly savings you would gain with a lower payment. You may also be required to pay points on your loan at the time of closing. Some borrowers may not have extra cash to handle these costs. 

For more information about refinancing, talk to a company such as Liberty Escrow Inc.