Refinancing
Refinancing may be a good option to change the terms of your current home loan to a loan that better suits your needs. Refinancing may get you a better interest rate and/or extend your repayment time, change from a variable-rate mortgage to a fixed rate, or refinancing a Federal Housing Administration (FHA) loan through an easy, streamlined process.
Lower Your Monthly Payments
If rates are low, it may be a good idea to lock in your rate to lower your monthly payments. Be aware that we may never be completely sure when rates will rise, so if you find a good rate, hesitation may cost you the deal.
Convert to a Stable, Fixed Rate Loan
Now may be a good time to consider refinancing to a fixed-rate mortgage, especially because your ARM may increase to a rate that’s higher than current fixed rate mortgages.
Use Equity to Reduce Debt
Cash-out refinancing allows homeowners to refinance their existing mortgage by taking out another mortgage for more than is currently owed, and use the equity they have built up in their home to repay the current mortgage. This gives the homeowner access to the equity they have built up in their home, and lets them put it to good use, such as college tuition, consolidating debt, or making home improvements.
Wondering if You Qualify?
We know it’s confusing, but we’re here to help. Call us for a NO-PRESSURE conversation about your situation.
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