Refinancing your mortgage means getting a new loan to pay off your existing loan. Depending on your current financial or personal situation, there are many good reasons to refinance. Based on the type of loan you choose, there are a lot of great benefits too. An Equity Smart Home Loan Expert will be happy to share how refinancing might be right for you.
Lower your interest rate.
A lower rate often results in lower mortgage payments. You can use the extra money each month to pay off debt, for savings or investments, or to spend however you like.
Get you a shorter term.
You may end up with a comparable, or slightly higher, monthly payment, but with a shorter term you’ll pay off your loan sooner. You’ll save a ton of money over time by paying less toward interest, and you’ll build equity faster, increasing your net worth.
Allow you to switch from an adjustable to a stable fixed rate loan.
Switching from an adjustable rate mortgage (ARM) to a fixed rate loan gives you predictable monthly payments over the life of the loan. You won’t experience dramatic monthly payment increases, making long-term budget planning easier.
Turn your home's equity into cash.
Cash-out refinancing turns the equity in your home into cash. From paying off high-interest credit cards to taking a dream vacation, there are no restrictions to how you use the money. And there are no tax penalties for accessing or using this money.
Don’t forget: we’re always here to help. If you think you’re ready to refinance, an Equity Smart Home Loans Expert will match you to the perfect loan. Call 323-258-4317.
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