At Indigo Mortgage, we often get calls from New Mexico home owners who are considering a refinance but they wanted to get some advice on whether it’s the right thing to do.

We don’t take those requests lightly as these are real people trying to make serious decisions 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 do you plan on being in the home? If it’s a short time, like 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, then the next question is: will the monthly saving help you and your family?’
2. Do you want to pay off the house sooner to then consider a shorter term mortgage or are you looking to refi into another 30 year term?
3. What would your potential savings be? 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 they 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 never try to influence that decision.

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