Mortgage Refinancing
What is Mortgage Refinancing?
Mortgage refinancing provides you the opportunity to swap an older higher interest home loan with a new lower interest home loan secured by the same existing property. The process for refinancing is comparable to the one for getting your original mortgage loan.
Why Should I Refinance?
- You can save money by paying off your current higher mortgage rate loan with a lower refinance rate and lower your monthly mortgage payment
- You can choose to refinance to a shorter term (10 or 15 years) mortgage and save time and money, saving you thousands of dollars in interest
- By refinancing to a lower interest rate and maintaining your pre-refinancing monthly mortgage payment, you are able to put more toward the new principal allowing you to build home equity faster
- You can have security against rising interest rates by converting your adjustable rate mortgage to a fixed interest rate mortgage, allowing you to have peace of mind and save money at the same time
- You can save money and increase cash flow by refinancing to a lower interest rate and use the extra cash to pay for college, home renovations, or consolidate debts
When Should I Refinance?
Mortgage refinance is an important decision. After due consideration, consider refinancing:
- If interest rates have fallen
- To consolidate high interest debt, have one single payment
- To improve your cash flow
It is critical that you evaluate your financial situation in its totality before endeavoring upon mortgage refinance. In most situations refinancing is a great option and can be an asset for successful long-term financial planning.
How Do I Get Started?
Now that you have looked into the benefits of mortgage refinance and know that it can help your financial picture; it is time to get started. It is important that you speak with a trusted mortgage broker to see which mortgage refinance options best meets your needs. Our expert Mortgage Consultant will guide you in making the best decision, answer any questions, and customize a mortgage refinance solution to meet your unique financial goals.
Trusted Resource:
U.S. Department of Housing and Urban Development