{"id":939,"date":"2010-09-20T10:44:10","date_gmt":"2010-09-20T14:44:10","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=939"},"modified":"2018-11-22T12:18:54","modified_gmt":"2018-11-22T12:18:54","slug":"5-reasons-not-to-refinance-your-mortgage-in-new-york","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/","title":{"rendered":"5 Reasons Not to Refinance Your Mortgage in New York"},"content":{"rendered":"

\"\"<\/a>\u00a0There was a good article in the New York Times<\/em> recently<\/a> that explains why, for a number of situations, it often makes sense NOT to refinance your home.\u00a0 This despite all of the junk mail you may receive encouraging you “REFINANCE NOW!” because “RATES ARE AT RECORD LOWS!”<\/p>\n

Here’s a summary of the main points:<\/p>\n

1.\u00a0 If you a) think you’ll move within a short time horizon, or b) do not have a large outstanding balance on your loan, then the closing costs may exceed the potential savings.<\/p>\n

2.\u00a0 If you’re unemployed or if your home’s value has declined, then you may not qualify for a refinancing.\u00a0 Or you may need to pay a substantial amount of cash out of your own pocket to enable the loan amount to pay off the principal in the transaction.<\/p>\n

3.\u00a0 Since closing costs aren’t tax deductible but mortgage interest is, you have to be careful that the benefit from reduced monthly mortgage payments is not balanced out by the closing costs.\u00a0 Notably, New York has a relatively high mortgage recording tax that increases closing costs overall.<\/p>\n

4.\u00a0 “Resetting” the term of the loan may not be in your interest.\u00a0 If you were already 10 years into a 30-year loan, and you refinance, then your loan term may once again be 30 years.\u00a0 You may lower your monthly payments at present.\u00a0 But you may also be paying a lot more long-term than you otherwise would have.<\/p>\n

5.\u00a0 The temptation of additional credit.\u00a0 The lenders often make it very easy to take out additional money with your refinancing.\u00a0 Because, hey, you can just roll it into the total refinancing amount.\u00a0 So it feels like the calories that “don’t count” when you’re standing and eating with the refrigerator door open.\u00a0 But those “calories” do count.\u00a0 And if you’re using that additional credit to pay off other debts, then you have to be wary not to let yourself get back into debt the same way you got there in the first place.<\/p>\n

Refinancing and other mortgage-related issues can be very complicated.\u00a0 And there seem to be more and more options, frequently from unscrupulous purveyors of financing.\u00a0 So it’s important to have someone you trust on your side.<\/p>\n

If you’re worried about your mortgage payments, about refinancing, and about possible foreclosure or bankruptcy issues, please feel free to get in touch for a free initial consultation.<\/p>\n

Contact Bruce Weiner, Esq.<\/a><\/h2>\n

EMAIL Bruce Weiner<\/a><\/strong>
\nPhone<\/strong>
\n(718) 855-6840 (Local)
\n(866) 402-8476 (Toll Free)
\nFax<\/strong> (718) 625-1966<\/p>\n

Go to\u00a0Bankruptcy Lawyer Brooklyn NY<\/strong><\/a>\u00a0 t<\/span><\/em>o learn more about Rosenberg Musso & Weiner LLP<\/strong><\/a> and\/or to set up a free consultation.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0There was a good article in the New York Times recently that explains why, for a number of situations, it often makes sense NOT to refinance your home.\u00a0 This despite all of the junk mail you may receive encouraging you “REFINANCE NOW!” because “RATES ARE AT RECORD LOWS!” Here’s a summary of the main points: …<\/p>\n

5 Reasons Not to Refinance Your Mortgage in New York<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[10,14],"tags":[],"acf":[],"yoast_head":"\n5 Reasons Not to Refinance Your Mortgage in New York<\/title>\n<meta name=\"description\" content=\"\u00a0There was a good article in the New York Times recently that explains why, for a number of situations, it often makes sense NOT to refinance your home.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Reasons Not to Refinance Your Mortgage in New York\" \/>\n<meta property=\"og:description\" content=\"\u00a0There was a good article in the New York Times recently that explains why, for a number of situations, it often makes sense NOT to refinance your home.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/\" \/>\n<meta property=\"og:site_name\" content=\"Bankruptcy Attorney in Brooklyn, New York | Rosenberg Musso Weiner\" \/>\n<meta property=\"article:published_time\" content=\"2010-09-20T14:44:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-11-22T12:18:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2010\/09\/crazyeddie.gif\" \/>\n<meta name=\"author\" content=\"Matt Leichter\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matt Leichter\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/\"},\"author\":{\"name\":\"Matt Leichter\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/75d08d648836eaa13b64bf21273bf4e7\"},\"headline\":\"5 Reasons Not to Refinance Your Mortgage in New York\",\"datePublished\":\"2010-09-20T14:44:10+00:00\",\"dateModified\":\"2018-11-22T12:18:54+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/\"},\"wordCount\":439,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/#organization\"},\"articleSection\":[\"Foreclosure\",\"Mortgage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/\",\"url\":\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/\",\"name\":\"5 Reasons Not to Refinance Your Mortgage in New York\",\"isPartOf\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/#website\"},\"datePublished\":\"2010-09-20T14:44:10+00:00\",\"dateModified\":\"2018-11-22T12:18:54+00:00\",\"description\":\"\u00a0There was a good article in the New York Times recently that explains why, for a number of situations, it often makes sense NOT to refinance your home.\u00a0\",\"breadcrumb\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nybankruptcy.net\/main\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"5 Reasons Not to Refinance Your Mortgage in New York\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#website\",\"url\":\"https:\/\/nybankruptcy.net\/main\/\",\"name\":\"Bankruptcy Attorney in Brooklyn, New York | Rosenberg Musso Weiner\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nybankruptcy.net\/main\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#organization\",\"name\":\"Rosenberg, Musso & Weiner, LLP\",\"url\":\"https:\/\/nybankruptcy.net\/main\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2018\/06\/logo.png\",\"contentUrl\":\"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2018\/06\/logo.png\",\"width\":124,\"height\":108,\"caption\":\"Rosenberg, Musso & Weiner, LLP\"},\"image\":{\"@id\":\"https:\/\/nybankruptcy.net\/main\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/75d08d648836eaa13b64bf21273bf4e7\",\"name\":\"Matt Leichter\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/bd20b564e1f526a569ac8b1fc9ef74db?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/bd20b564e1f526a569ac8b1fc9ef74db?s=96&d=mm&r=g\",\"caption\":\"Matt Leichter\"},\"url\":\"https:\/\/nybankruptcy.net\/main\/author\/mleichter\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"5 Reasons Not to Refinance Your Mortgage in New York","description":"\u00a0There was a good article in the New York Times recently that explains why, for a number of situations, it often makes sense NOT to refinance your home.\u00a0","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/","og_locale":"en_US","og_type":"article","og_title":"5 Reasons Not to Refinance Your Mortgage in New York","og_description":"\u00a0There was a good article in the New York Times recently that explains why, for a number of situations, it often makes sense NOT to refinance your home.\u00a0","og_url":"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/","og_site_name":"Bankruptcy Attorney in Brooklyn, New York | Rosenberg Musso Weiner","article_published_time":"2010-09-20T14:44:10+00:00","article_modified_time":"2018-11-22T12:18:54+00:00","og_image":[{"url":"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2010\/09\/crazyeddie.gif"}],"author":"Matt Leichter","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Matt Leichter","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/#article","isPartOf":{"@id":"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/"},"author":{"name":"Matt Leichter","@id":"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/75d08d648836eaa13b64bf21273bf4e7"},"headline":"5 Reasons Not to Refinance Your Mortgage in New York","datePublished":"2010-09-20T14:44:10+00:00","dateModified":"2018-11-22T12:18:54+00:00","mainEntityOfPage":{"@id":"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/"},"wordCount":439,"commentCount":0,"publisher":{"@id":"https:\/\/nybankruptcy.net\/main\/#organization"},"articleSection":["Foreclosure","Mortgage"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/","url":"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/","name":"5 Reasons Not to Refinance Your Mortgage in New York","isPartOf":{"@id":"https:\/\/nybankruptcy.net\/main\/#website"},"datePublished":"2010-09-20T14:44:10+00:00","dateModified":"2018-11-22T12:18:54+00:00","description":"\u00a0There was a good article in the New York Times recently that explains why, for a number of situations, it often makes sense NOT to refinance your home.\u00a0","breadcrumb":{"@id":"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nybankruptcy.net\/main\/5-reasons-not-to-refinance-your-mortgage-in-new-york\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nybankruptcy.net\/main\/"},{"@type":"ListItem","position":2,"name":"5 Reasons Not to Refinance Your Mortgage in New York"}]},{"@type":"WebSite","@id":"https:\/\/nybankruptcy.net\/main\/#website","url":"https:\/\/nybankruptcy.net\/main\/","name":"Bankruptcy Attorney in Brooklyn, New York | Rosenberg Musso Weiner","description":"","publisher":{"@id":"https:\/\/nybankruptcy.net\/main\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nybankruptcy.net\/main\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/nybankruptcy.net\/main\/#organization","name":"Rosenberg, Musso & Weiner, LLP","url":"https:\/\/nybankruptcy.net\/main\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nybankruptcy.net\/main\/#\/schema\/logo\/image\/","url":"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2018\/06\/logo.png","contentUrl":"https:\/\/nybankruptcy.net\/main\/wp-content\/uploads\/2018\/06\/logo.png","width":124,"height":108,"caption":"Rosenberg, Musso & Weiner, LLP"},"image":{"@id":"https:\/\/nybankruptcy.net\/main\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/75d08d648836eaa13b64bf21273bf4e7","name":"Matt Leichter","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nybankruptcy.net\/main\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/bd20b564e1f526a569ac8b1fc9ef74db?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/bd20b564e1f526a569ac8b1fc9ef74db?s=96&d=mm&r=g","caption":"Matt Leichter"},"url":"https:\/\/nybankruptcy.net\/main\/author\/mleichter\/"}]}},"_links":{"self":[{"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/posts\/939"}],"collection":[{"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/comments?post=939"}],"version-history":[{"count":4,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/posts\/939\/revisions"}],"predecessor-version":[{"id":7184,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/posts\/939\/revisions\/7184"}],"wp:attachment":[{"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/media?parent=939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/categories?post=939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nybankruptcy.net\/main\/wp-json\/wp\/v2\/tags?post=939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}