Six Reasons You May Want to Refinance Now Attention Veterans - VA rates are great and all VA loans have no private mortgage insurance. Call today to get a quote. No cost or obligation! 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. Mortgage rates are as low as they have been since 2016. Call today for a customized quote without cost or obligation. If your home is now financed at a higher interest rate, it may be 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 documents. Beware of the rates you see advertised on the internet. Click here to learn the truth. 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! Time to Refinance Calculator Got Debt? Use This Calculator! |
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