Are you interested in refinancing your mortgage? Refinancing can offer great benefits for homeowners, so let’s discuss the benefits to see if it might be a good for you:
Reduce the Term of Your Mortgage
With interest rates at record lows, it might benefit you to refinance your loan, changing a 30 year loan to a 15 year loan. Our mortgage calculator helps estimate the cost of your new loan, and by switching to a 15 year mortgage, you will save lots of money in interest, although your monthly payment will increase. Our mortgage calculator helps you determine if the switch would benefit you.
Reduce Your Interest Rates
Interest rates remain exceedingly low, so take advantage of these rates! If your current mortgage features a somewhat high interest rate, refinancing would work wonders for you!
Move From an Adjustable-Rate Mortgage to a Fixed-Rate Mortgage
With the low interest rates in our current market, refinancing to a fixed-rate loan could save you lots of money. Locking into a fixed-rate mortgage with a low interest rate might save you money because interest rates could rise again.
Cash Out Your Home Equity
We urge you to approach refinancing to cash out your home equity with caution because you must maintain diligence in paying off your debts. Cash-out refinancing refers to refinancing in which the borrower refinances for a greater amount of money than the amount owed. Cashing out could be a great option for some investments, but we would definitely urge you to do some extensive research before embarking on this option.
Is refinancing an option for you? Our mortgage loan company would love to help you! Call us now if you have any questions or if you are ready to refinance!