Need an extra boost during these tough economic times? If you are a current resident of Palm Beach, perhaps you are considering refinancing your home in order to save a little more. But before you take the plunge, make sure you know exactly what you are doing – smart refinancing takes a bit of finesse and knowing what your options are.

Before you start, consider your current financial situation first. If your credit is in good standing, your chance of benefiting from refinancing is high. Lenders will be more apt to consider locking down a lower interest rate for you, but even better, you should be aware that you have the option to consider other lenders. Feel free to speak with several lenders to see what incentives and rates they can offer – you may be surprised to see what a little competition can do.

But before you refinance your home, whether you are in Gulf Stream, Hillsboro Mile, or Delray Beach, remember that you’ll be facing additional fees and costs that come with adjusting your mortgage, along with all the time you will be spending on negotiations and paperwork. If your newly proposed interest rate is not that much less than your current one, make sure to weigh the cost difference against all the time and effort. You may find that that’s it’s not worth it.

Lastly, don’t just think that lowering your interest rate is the only thing you can do by refinancing your Palm Beach home. You can use a new loan to your advantage by shortening your loan term, for example – you may not decrease your monthly payments, but paying off your loan sooner can save you a lot of money in the long run. That’s truly smart refinancing.

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