Reasons to Refinance
Refinancing when interest rates are low can be extremely beneficial. By reducing your loan’s interest rate, your monthly payment will decrease which can result in thousands of dollars worth of savings. Now is a great time to look into refinancing as interest rates are at historic lows…
- Lower Monthly Payments: Reduce your monthly payments by either lowering your interest rate or extending the term of the loan. Often times, we are able to save clients hundreds on their current mortgage payment.
- Reduce Interest Rate: Lower your interest rate by refinancing. A lower rate can save you tens of thousands of dollars over the course of your loan. Lowering your interest rate will also decrease your monthly payment, sometimes significantly.
- Use the Equity in Your Home: Completing a cash out refinance allows a homeowner to use the equity in their home to receive funds they can immediately use for things like home improvement, paying off bills, or even funding a new business.
- Debt Consolidation: A cash out refinance is a great way to consolidate/pay off high interest debt like credit cards. This will also result in a monthly savings since mortgage loan rates are much lower than high interest debt like credit cards.
There are many reasons why a refinance may benefit a homeowner however, the main goal is always to save money.