Save money over the life of your loan and potentially improve your overall financial outlook.
Have you heard about the recent refinance boom? Homeowners everywhere are learning how today’s historically low rates can have a positive impact on their finances by refinancing. Below are just a few ways refinancing may benefit your financial situation.
Lower Your Interest Rate, Loan Term, and Possibly Your Monthly Payment Too
Refinancing your loan to a lower interest rate may connect you to other mortgage perks. You may be able to replace your current rate and term with today’s options, helping you pay less for your loan over time, lower your monthly payments or pay off your loan faster.
Stop paying double on your credit cards and take a look at how consolidating debt may help you pay less. Debts such as, credit cards and medical bills, typically have high interest rates and may be considered negative debt. Consolidating these debts into one single payment along with your mortgage may save you money on interest and help you pay off your debts faster.
Take Cash Out of Your Home
A cash-out refinance may be just what your home needs. Throughout your homeownership journey, your home has been gaining equity with every mortgage payment. That positive equity may be used to help finance things such as, home repairs, renovations, college tuition and other various investments.
Stop Payments From Increasing
Still living with adjustable-rate mortgage? It’s time to take advantage of current interest rates and switch to a fixed-rate mortgage. Switching may considerably save you time and money over the life of your loan. Avoid the uncertainty of a varying rate and ask us how you can convert to a fixed-rate mortgage.