Should You Refinance Your Mortgage?

by James & Penny Lamb 11/03/2019

Refinancing your home can have many benefits. First, you’ll be able to take out money to address immediate needs in your home like improvement projects. These things can only benefit your home’s value in the long term. Before you take the leap to refinance your home, you should be sure that you’re actually ready to take this step. Knowing what you’re in for allows the entire process to go more smoothly. Read on for tip to understand more about the refinancing process and what you’ll need.

Know Your Finances

Just like when you initially purchase a home, refinancing your home will require you to have your finances in order. Take a look at your budget and needs and determine if it makes sense for you to refinance your home. For example, your employment status or distance from life goals like retirement could have a factor on the term of the loan you’re willing to take out. A 15-year mortgage may make more sense than a 30-year mortgage, but your monthly payments will also be a bit higher. You need to take all of this into consideration before you refinance. 

Your credit score will also be a factor in refinancing your home just as it was when you initially bought your house. Check your score and see if any red flags pop up. Getting these corrected earlier rather than later can help you to get a better rate on the loan. There are plenty of free services that exist online that allow you to check your credit score.   

Know The Value Of Your Home

If you know the value of your home and understand how much equity you’ve built up in the house, it will give you a better idea of your refinancing options. You can’t get more than 70% of what your home is currently worth as a cash-out refinance. If you owe more than your home is worth, you might be in a tighter financial situation than you realize. You can do plenty of things to increase the value of your home; it will just take some time. You may even consider selling your house, making a move, and starting from scratch. Financially, this could be the best option, and you could also end up with a better interest rate.

Getting your finances in order and the simple act of preparing for a home refinance could give you some insight into your financial picture after being a homeowner for some time.

Stay out of debt. Don’t open new accounts. Pay down any debt you may have. That is the standard advice for people who are trying to get in good financial standing before buying a home or refinancing a home. 

Do some research and find the best home loan refinance rates around. Then, look into your own finances and decide what’s best for you regarding refinancing your home loan.      

About the Author

James & Penny Lamb


Associate Broker/Owner

Office: 517.552.0222
Cell: 810.599.3921
Email: [email protected]

Livingston County has been home to me since I returned from military service. I have been active in the Howell community and have served on many local boards, including the Chamber of Commerce. I have owned and operated businesses in the area and am a member of the Livingston Assoc. of Realtors, Michigan Assoc. of Realtors, and the National Assoc. of Realtors. If you just have questions regarding real estate feel free to call me anytime. Just ask for"Jim The Broker". 



Office: 517-552-0222
Cell: 810-599-3923
Email: [email protected]

As a 4th generation, lifetime Livingston County resident, I am extremely knowledgeable about the community and have 30 years of sales experience. I am a proud member of the Livingston County Assoc. of Realtors, Michigan Assoc. of Realtors, and National Assoc. of Realtors. I work with Buyers and Sellers offering a free CMA report to help you decide how to price your home to "SELL" in this current market. I look forward to assisting you with all your real estate needs. Livingston County is a wonderful place to live and I look forward to sharing with you all the reasons why. Call today and ask for "PENNY LAMB".


Associate Broker

Cell: 810-599-3925
Office: 517-552-0222
Email: [email protected]

I am a lifetime resident of Livingston County with over 15 years in the real estate industry. After attending college at both Flagler in Saint Augustine, FL and Northern Michigan University in Marquette, MI and graduating with a BA in Communications, I returned to Livingston County to start my own family and to work with my parents to establish our family owned Real Estate One Howell office. Working with buyers and sellers to find the perfect home, is my passion. I pride myself in following every detail throughout the process, personally, to provide the highest level of customer service possible. I also genuinely enjoy what I do and like to ensure that everyone is having a positive experience when buying or selling. I strive to see smiling faces at the closing table and establish my clients for life.



Office: 517-552-0222
Cell: 517-861-1978
Email: [email protected]

Hi, I am a licensed Realtor of Real Estate One Howell. I was born and raised in Livingston County and attended Howell High School. After graduation, I attended Grand Valley State University and obtained a degree in Business Administration. I then moved to Chicago, IL and lived there for 7 years before returning back to Livingston County in the fall of 2002. I am a member of the Livingston County Association of Realtors and an active member of the community.