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Refinancing is simply taking out a new mortgage. If you are considering refinancing your home loan, call Argus Capital - we'll help you determine your short and long term goals and then evaluate the different types of refinance programs available. Once we establish your goals as to what's available, you will be able to make an informed decision on how you want to proceed.

The first thing we consider is your current interest rate. If you purchased your home when interest rates were high or if you have an adjustable rate mortgage, chances are refinancing to a different-lower term may be able to save you money immediately and over the course of your loan. If you purchased or refinanced your home when interest rates were low, refinancing may not be the best thing to do. In the past, it was a general rule that refinancing makes good financial sense if your current interest rate is at least 2 percentage points higher than the current market rate and you plan on owning your home for at least 3 years. The 2 point difference in the interest rate was necessary in order to recoup refinance fees. Nowadays, it makes sense to consider refinancing with less fluctuation in the interest rate because it is possible to refinance and pay no fees or no points!