So you’ve been a happy homeowner for some time now but want a little extra “breathing room” financially. Maybe you’d like to start an extra savings account or just want a little extra cash every month for your other expenses. The easy solution? Refinancing.
What is refinancing? When you finance your home (again) with a new loan at a lower interest rate. Why should you bother? There are 7 great reasons why you should.
- We pay off your initial loan and find you a new, better fit for your financial situation. A mortgage advisor can take you through several different scenarios to find your best fit. Feel free get a free online rate quote on your own to compare your options.
- Lower your monthly payment. With a new loan at a lower interest rate, your mortgage payments may go down. You can keep a little extra cash in your pocket each month for other things!
- Cut years off of your mortgage term. Who wouldn’t want to be done paying their mortgage off sooner? When you refinance, it’s possible to maintain the same monthly payments, but pay your home off years sooner than your original mortgage. This saves you a lot of money on interest over time.
- The market’s rates are LOW. Take advantage of the current market’s record-low rates. They’ve never been this low before, and we don’t know if they’ll ever be this low again!
- You can pay off your credit card debt. It’s possible to take cash out on the equity of your home to pay off any debt you have at a higher interest rate.
- Reduction or possible elimination of your monthly Private Mortgage Insurance (PMI). Have an FHA loan from a few years ago? The inverse relationship between your property value and loan amount can lead to a decreased loan-to-value. In a nutshell, you can lower or eliminate your PMI for a new loan. Our mortgage advisors are happy to walk you through this.
- Planning a home renovation? When you refinance, you can leverage the equity in your home to take cash out for a home makeover
Our mortgage advisors are refinance experts and are happy to run you through scenarios during a free phone consultation. Give us a call at 1-844-77-vLoan to learn more or fill out a free online rate quote on your own to compare your options. We are more than happy to give you a second opinion.