Refinancing is often used to lower your interest rate. If rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity from your home (cash out). A few reasons for cashing out include: home improvement, an education fund, and consolidating debt.
Homeowners often feel that lowering the mortgage interest rate is the only benefit to refinancing. Although there are other strategies that can create thousands in savings per year without changing the interest rate. Such as, refinancing a mortgage that has Mortgage Insurance into a new Lender Paid Mortgage Insurance. Contact one of our Mortgage Planners for a free evaluation to see if refinancing make sense for your personal situation.
- Reduce Your Interest Rate
- Lower Monthly Payments
- Cash Out Equity for Home Improvements
- Consolidate Debt
To Refinance You'll Need: