Refinancing involves the a process of receiving a new mortgage or home loan in order to assist you with reducing your monthly mortgage payments, as well as lower your interest rate.
Why Would You Refinance?
Some homeowners use Refinancing as means to take money out of the value of their home in order to make a large or emergency purchase. Most people refinance when they have equity in their home, which is the difference between the amount owed to the mortgage company and the value of the home. Another reason to refinance is to take advantage of lower interest rates. When we secure a mortgage for you, our relationship is not over. We monitor your loan and current interest rates to look for situations that can save you money.
- You can reduce the interest rate by choosing to finance at a lower rate.
- You can reduce your payment by switching to a Fixed-Rate loan.
- You can shorten the term of your loan to reduce your interest rate. This helps you pay off your mortgage earlier.
- You can extend the time for repayment. This is suitable for those that need to free up cash flow to be able to make payments on other debts like Credit Cards and Student Loans.