🏡 Should I Refi My Mortgage? Here’s What You Need to Know

If you’re wondering whether now is the right time to refinance your mortgage, you’re not alone. Many homeowners are exploring refi options to lower monthly payments, reduce interest costs, or tap into savings opportunities especially with tools like a CEMA refinance, which can significantly reduce upfront expenses for New York borrowers.

✅ When a Refinance Makes Sense

If your current mortgage rate is higher, a refinance could lower both your monthly payment and your total cost over the life of the loan.

Based on your attached comparison for Option 1 at 5.99%, here’s what a refi could look like:

📉 Your Potential Savings

• ~$707/month lower payment compared to your current mortgage

• Break-even in ~8 months (the point where your savings outweigh your closing costs)

• Up to ~$65,637 in total savings over time

These numbers are strong indicators that refinancing could be a smart financial move especially if you plan to stay in the home for several years.

🧾 Why a CEMA Refi Matters in New York

New York has one of the highest Mortgage Recording Taxes in the country. But with a CEMA (Consolidation, Extension, and Modification Agreement):

• You pay mortgage tax only on the “new money” being added

• Not the full loan balance like a traditional refinance

• This can save thousands at closing and improve your breakeven timeline

  
  

Before moving forward, we’ll verify your CEMA eligibility and refine your numbers with a full review.

📲 Thinking About Refinancing? Let’s Check Your Numbers

Send a DM or give us a quick call. We’ll provide a fast, personalized breakdown of:

✅ New potential rate

✅ Estimated new monthly payment

✅ Breakeven timeline

✅ CEMA savings

✅ Refi vs. stay comparison

Sometimes the smartest move is crystal clear sometimes it isn’t. That’s why we run the numbers carefully so you can make the right financial decision with confidence.

📍 Contact the LJ Mortgage Team

LJ Your Local Guide to Homeownership!

127-03 Rockaway Blvd South Ozone Park, NY 11420

📞 (516) 218-1297

LJ Realty Team Buy • Sell • Rent Equal Housing Opportunity

LJ Mortgage Team Inc. NMLS# 2120286Purchase & Refinance NYS Registered Mortgage Broker – NYS Dept. of Financial Services Broker arranges mortgage loans with third-party providers MORTGAGE BROKER ONLY, NOT A MORTGAGE LENDER OR CORRESPONDENT LENDER. Licensed by the N.J. Department of Banking and Insurance

NMLS ID #2120286www.nmlsconsumeraccess.org

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