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Refinancing

When interest rates fall or you have a change in your financial situation, you may consider refinancing. Refinancing actually replaces your current mortgage with a brand new loan, so expect a process similar to what you experienced when you got your original mortgage. Refinancing is a choice that can help you in many ways:

  • Taking advantage of lower interest rates to reduce your monthly payments and reduce your interest cost for the life of your mortgage. If interest rates are 1/2% to 5/8% lower than your current rate, consider refinancing.
  • Shortening your loan term to reduce interest cost for the life of your mortgage.
  • Shortening your loan term to pay off your mortgage faster and build up equity faster.
  • Extending the loan term to reduce your monthly payments.
  • Switching from an adjustable-rate loan or balloon mortgage to a fixed-rate loan, to reduce your interest rate risk
  • Freeing up cash for major expenses.
  • Debt consolidation.

Don’t make your decision based on just one option that makes it tempting. Think about:

  • How will refinancing help you reach your financial goals?
  • How long will you stay in your home?
  • How will you use your equity?
  • Always keep the big picture in mind.

Here are some Remarkable Resources to help you with your refinancing decision:

I would love to introduce you to a loan specialist that you can trust who can help you determine what is best for your situation. Give me a call at 662-231-5176 or visit my contact page and we can talk about your options.