Is Re-Financing Cater To Our Needs?
Some homeowner may do refinancing frequently while some other may never do. Some financial benefits may be catered by the refinancing but for some homeowners these benefits are not worth the hassle of going through a mortgage re-finance.
For these homeowners the amount of savings overall or the opportunity to lower monthly payments is simply not worth the effort of investigating the re-financing options, comparison shopping for lenders and paying closing costs to obtain a re-finance.
Are Some Homeowners Just Lazy?
Yes, let's face it to find dust bunnies under the couch or unfolded laundry lying on the floor; we have all visited a friend's house. However, when a homeowner opts not to refinance despite the opportunity for an overall savings or lower monthly payments, laziness is usually not the culprit.
The homeowner may simply decide in these cases, not to re-finance since in making the right decision, they are not confident.
These homeowners basically decide they are happy with their current financial situation and are unwilling to make changes, which may or may not improve this condition.
It is likely that these same homeowners would re-finance their home if all the work was done for them and they were guaranteed an improved financial situation.
Do Some Homeowners Just Not Realize the Financial Benefits?
This may also be true. Homeowners who do not fully comprehend the potential savings, which may be involved in re-financing, are not likely to undergo the re-financing process. For these homeowners, for the benefits that are received it may seem as though the efforts are not worthwhile.
If the homeowner had a clearer understanding of the situation, they might have a different opinion but in this case, the homeowners may be not able to follow the implications of a re-finance.
Consider the factors involved in re-financing. Most of the equations use to justify the benefits of re-financing are rather complex.
For homeowners to enter the known information and obtain the desired results, online calculators are available that make it extremely simple. However, regarding how the calculations are performed, these calculators typically do not explain the reason.
For some homeowners this can make it hard to accept the results produced by these calculators simply. When this is the case, the homeowner is not likely to be inclined to accept the results generated by these calculators automatically.
Moreover, until the homeowners confirm these calculations, they may not consider re-financing. This could be either a short process or a long process based on the homeowner's mathematical skills.
Can You Convince a Homeowner to Re-Finance?
Since it depends on a number of factors, this is a hard question to answer. Some homeowners may be particularly trusting and may be convinced in any away to re-finance with little effort.
On the contrary, some homeowners in terms of their financial situation may be quite guarded. These homeowners may be doubtful of claims that the re-financing can make better their financial situation.
For a homeowner these suspicions can make it extremely difficult to be convinced to make a change. The homeowner may either seek out more information on the subject or become less receptive to additional information, the moment suspicions begin to develop.
While one case may cause the homeowner being more likely to be convinced to re-finance, the other case will likely make him less willing to re-finance.
Tags : Refinance
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