Refinancing a home a may be a great financial decision. One of our Licensed Loan Originators can help you make an informed refinancing decision. Below are some of the top five reasons why refinancing might be right for you.
- Lower your interest rate and/or monthly payment - This can make a big difference in your monthly out-of-pocket costs for housing and save money spent on interest costs.
- Build equity faster - Income changes may allow you the flexibility of making a higher payment. If this is the case, you may want to switch from a 30-year loan program to a 15- or 20-year loan program. This enables you to build equity faster and save money on interest costs.
- Change your loan program - Homeowners who currently have an adjustable rate mortgage (ARM) and find their interest rate climbing may benefit by switching to a fixed rate program.
- Take advantage of improved credit score - If your credit score has improved, you may be able to lower your interest rate and/or monthly payment.
- Use the equity you have established - A cash-out refinance allows you to tap into the equity you have built up in your home. Common reasons to obtain a cash-out refinance are: to pay off debt, send a child to college, or use the money for home improvements.
Regardless of your reasons for wanting to refinance your existing mortgage, an experienced Loan Originator can help you determine if a refinance is right for you.