Is it Time to Refinance Your Home Mortgage?

Available for Interviews: Harry Abrahamsen

Harry J. Abrahamsen is Founder & CEO Abrahamsen Financial Group. His company offers customized wealth management solutions—creating plans and portfolios that protect, preserve, and grow client’s wealth. He was selected as one of the ten most dependable Wealth Managers in the Mid-Atlantic as published in Forbes magazine.

 

What Harry Abramhamsen can say in an interview:

      • Amidst the current pandemic, seek lower interest rates.  If you can get a lower rate, try and refinance your current loan. The challenge is how much is your house worth. Banks will become more and more skittish about real estate values. 
      • Make sure refinancing in this environment. If you have a good amount of equity and you want to make college tax deductible, try and do a cash out refinance. You may want to do a cash out refinance and keep money in a saving account. Banks will probably stop doing any cash out refinances, so do not delay the inquiry process. Rates have dropped, but banks will make you jump through financial hoops to qualify.

      • Be sure the potential savings of refinancing outweighs the cost of refinancing. The best thing to do is to look at cashflow differences between the current mortgage payment, excluding any escrow and taxes. If you can save at least $250 monthly in cash flow, then do the refinance. It is equally important to then save the $250 monthly into alternate saving and investments. 

 

Interview: Harry Abrahamsen

Harry J. Abrahamsen is Founder & CEO Abrahamsen Financial Group. He has been quoted in numerous national publications, such as Forbes, On Wall Street, Financial Planning, Bottom Line Personal, Smart Money and cited in the Encyclopedia Britannica. An independent research firm has selected Harry James Abrahamsen as “The 10 Most Dependable Wealth Managers in the Mid-Atlantic” published in the Forbes December 2007 issue Investment Guide. Harry Abrahamsen has five children and resides in New Jersey.

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