Could refinancing your home in Nassau County be just what you need to improve your finances and get on top of your property taxes?
It may be a wise time to refinance your Long Island property. Here’s why, and what to keep in mind if you do…
Should I Refinance My Home Now?
If you have past due property tax bills, or you are not looking forward to paying next year’s larger tax bill, then a cash out refinance could help put the money in your pocket to catch up.
Even if you are doing okay at the moment, re-solidifying your cash position, with more liquid cash in the bank may be wise. If you don’t have three to six months of emergency savings on hand, any little unexpected expense could tap you out, right when your taxes are due. It is so sad to see people lose their homes for the sake of being late on their property taxes.
If money just seems too tight every month, then refinancing a mortgage to consolidate debt could help balance out rising interest rates and costs on other debt, like credit cards. This can help prevent bleeding even more in fees every month, and free up more spendable cash from your paycheck. Even a simple rate and term refinance may help lower your monthly housing payments, and you may not have to add any more time to paying off your mortgage. This can be an especially good move considering the new cap on SALT taxes on your federal income tax returns.
If You Do Refinance…
Make sure you negotiate points and rates for the best combination for the length of time you plan to keep the home. Know how long it may take to recoup the costs of refinancing, and how profitable it will really be.
Be wary of making grand home improvements with cash you take out that may increase your tax assessed value and annual property tax bill.
If refinancing your property in Nassau County is for you, do it soon, as rates are heading up, and declining home values mean you’ll get less money and lenders will become even tougher to deal with as they tried to avoid risk themselves.
If refinancing isn’t an option right now, you can still lower your bills with the help of Nassau based Property Tax Adjusters, Ltd.