Six Reasons You May Want to Refinance Now

Attention Veterans - Cash out refinances up to 100% of the appraised value!

1.  Refinance to Shorten the Term of Your Loan.
If you have a 30-year mortgage, now may be a great time to consider refinancing. With low interest rates, you may
find that a 15-year mortgage is not much more expensive than the 30-year loan payment you have been paying.

2.  Refinance to Lower Your Interest Rate.
Rates have been increased by the Fed several times in the past year. As I write this, 30-year mortgage rates are
hovering around 4.125% with excellent credit and 15-year loans can be secured for an even lower rate. If your home is
now financed at a higher interest rate, it maybe a great time for you to consider refinancing. You could literally save
tens of thousands of dollars just by taking the time to fill out the necessary paperwork and gather the needed

3.  Refinance to Lower Your Payment.
Refinancing your mortgage at a lower interest rate could mean drastically reducing your payment and saving tens
of thousands of dollars in interest. Lowering your mortgage payment could also free up hundreds of dollars per
month that could be saved or invested. Although refinancing to lower your payment could increase the term of
your loan, it could make sense in your particular situation.

4.  Refinance from an Adjustable Rate Mortgage (ARM)
to a Fixed Rate Loan.
If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance into a fixed-rate loan.
Interest rates are low now, but they may not stay this low forever. Locking into a low, fixed rate can protect you from
rising interest rates in coming years. Additionally, a fixed payment is easier to plan for and budget.

5.  Refinance to Cash Out Home Equity.
It’s a tempting proposition to cash out your home equity by refinancing your home. It could even be a great financial
move in some circumstances. For instance, it may make sense to cash out some of your home equity in order to buy
an investment property, start a business, make home improvements or pay off credit card debt.  It mostly depends on
what you are trying to achieve and if you are someone who can manage your debts responsibly.

6.  Refinance to Eliminate Monthly Private Mortgage
Insurance (PMI)
Have monthly pmi now?  Wish it would go away?  If someone told you that you need 20% equity... they were wrong!
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Bill Brown
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