When it makes sense, refinancing could be an opportunity to maximize your savings.
Refinancing your mortgage could help you lower your mortgage rate, remove mortgage insurance, pay off your mortgage faster, or get cash out to cover other expenses. See below for some top reasons to refiance.
If mortgage rates have declined since you initially financed your home, a rate and term refinance could help you lower your monthly mortgage payment and save throughout the life of your loan.
If you used an ARM (Adjustable Rate Mortgage) to make initial mortgage payments more affordable, you could shift to a fixed-rate loan after you have built up equity.
Some loan programs like FHA loans may require mortgage insurance depending on the size of the down payment and the your financial profile. If you have at least 20% equity in the home, you may have a chance to cancel it.
If you have built at least 20% equity in your home you can tap into your home equity to pay down high-interest debt, finance a home remodel or renovation project, or make an investment.
In any economic climate, it can be difficult to make the payments on a home mortgage. Between possible high interest rates and an unstable economy, making mortgage payments may become tougher than you ever expected. Should you find yourself in this situation, a mortgage refinance could be an opportunity to regain certainty in uncertain times.
If you’d like to explore your mortgage refinance options and find the best option for you, download our refinance guide. If you still have questions, feel free to give us a call at 888-781-0899.