#1 - Refinance your mortgage to shorten the term! Not surprisingly, with interest rates still at historic lows, you may find that refinancing to a 15-year mortgage may result in a payment comparable to the payment on your current 30-year mortgage
#2 - Refinance to lower your interest rate. Again, with interest rates at or near historic lows, it may be a great time for you to consider refinancing. You could literally save tens of thousands of dollars in interest paid to the mortgage company...that's money in your pocket!
#3 - Refinance to lower your payment.Refinancing your mortgage at a lower interest rate could free up hundreds of dollars per month that could be saved or invested.
#4 - Refinance from an adjustable-rate mortgage to a fixed-rate loan. If you currently have an adjustable-rate mortgage, now may be the perfect time to refinance into a fixed-rate loan. Interest rates are low now, but they may not stay this low forever. Locking into a low, fixed rate can protect you from rising interest rates in coming years. Additionally, a fixed payment is easier to plan for and budget.
#5 - Refinance to cash out home equity. It’s a tempting proposition to cash out your home equity by refinancing your home. It could even be a great financial move in some circumstances. For instance, it may make sense to cash out some of your home equity in order to buy an investment property or start a business. It mostly depends on what you are trying to achieve and if you are someone who can manage your debts responsibly.
We connect consumers with mortgage experts who provide custom solutions for any situation. We do this by partnering with the companies that provide these services and then letting you, the consumer, decide which solution suits your needs. Our goal is to help you find the right product to give you the very best value for your home financing needs.