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Is it time to refinance?

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Is it time to Refinance?

Is your Adjustable Rate Mortgage (ARM), and you are looking to fix your rate?

Do you have a maturity date coming due?

Do you want to update that outdated kitchen or bathroom?

CONTACT US to refinance today!

 

When should you consider refinancing? If you are looking to lower your interest rate, consolidate debts, get cash from your equity, it may be a good idea to refinance.

Is it time to refinance? Refinancing your mortgage could result in significant benefits:

Lower your monthly mortgage payment

You may have purchased or refinanced a year ago when your principal loan balance was. Now the equity you have could be much lower, and in turn, refinancing will lower your payment significantly! It doesn’t hurt to inquire about seeing what amount could be.

Lower your interest rate

When you purchased your home or refinanced in recent years, the rates are always fluctuating and, as of today, could be much lower than they were. You may want to look into what the rates are today by contacting your local mortgage professional. Is it time to refinance?

Eliminate Private Mortgage Insurance (PMI)

PMI is a significant payment added to your monthly mortgage obligation. If you have at least 20% equity in your property and are still making a payment that includes PMI, then a refinance ould be ideal. Not only will it eliminate the additional monthly expense, but your payment will set back to a 30-year amortization. Effectively lowering your monthly payment due.

Provide funds to put towards purchasing an investment property or second home

As a property investor or owner looking to expand the horizons by purchasing an additional property, the asset you have in your home. You can use the equity you have earned from an increase in the value and by the principal payments you have made to tap that equity. You would not be losing that equity; essentially, you would be moving it from one property to another and diversifying your portfolio.

Lower your loan term to pay off your mortgage faster | Is it time to refinance?

If you lock into a 30-year mortgage, it can seem like a lifetime to pay off the mortgage, but have you considered refinancing into a shorter-term mortgage? By doing so, you can pay off your most significant monthly obligation by getting into a 15 year fixed term and pay it off faster.

Turn your home equity into cash for home improvements

Turn that kitchen or entertainment area into what you have always pictured since you bought your home. You can do it! Turn that equity into your chef’s kitchen or backyard into the oasis for your block parties.

Pay off or consolidate debt

Stop paying those high rates on your loans and credit cards. You can refinance your property to get out of the 7% personal loan or 24% credit card interest rates into a mortgage rate below 5%! Is it time to refinance?

Bottom line | Is it time to refinance?:

Is it time to refinance? Give us a call and let’s discuss.

For Today’s Mortgage News visit Mortgage News Daily for up to date information.

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