REFINANCING YOUR HOME
Refinancing can help achieve a variety of personal and financial goals, but only if done property with guidance. Interested in a lower monthly payment? Let's ensure we're meeting short term liquidity and long term interest savings needs. Want to cash out for debt consolidation? We can help you reduce consumer debt and maximize monthly cash flow. Interested in a renovation? We've got tools in the toolbox to take you from a vision to reality. Let's do something different - together.
Reasons Why
To Refinance
While rates are low it’s a good time to evaluate your current mortgage and see if one of the below options might fit your financial story.
Secure a Low Interest Rate
If you’re looking for a way to lower your mortgage payments or get your home loan paid off faster, refinancing may be a good option. Refinancing involves swapping your existing mortgage for a new one with more favorable terms. Reducing your interest rate not only helps you save money, but it also increases the rate at which you build equity in your home, and it can decrease the size of your monthly payment.
Cash-Out Refinance
If you’ve built up significant equity through your monthly payments and your home’s appreciation, a cash-out refinance may make sense to improve your general financial situation or the value of your home. With a cash-out refinance, you’re refinancing your mortgage for more than you currently owe and, in return, getting a portion of your equity back in cash.
Remove FHA Mortgage Insurance
The mortgage insurance fee on a conventional loan is lower than it is with FHA. To stop paying mortgage insurance on an FHA loan you will want to refinance into a conventional mortgage. If you have paid down the loan to 78% of the value of the home you can refinance into a conventional mortgage without having to pay mortgage insurance. If you’re loan-to-value is still pretty high you can lower your interest rate and monthly payments with an FHA streamline refinance.
From an ARM to a Fixed Interest Rate
Reduce interest rate risk. While interest rates have been on the rise recently, they are still near historic lows. Refinancing could be an opportunity to lock in a low rate for the life of your mortgage and protect yourself against the risk that rates continue to rise. While no one can predict what interest rates will do going forward, refinancing into a fixed-rate mortgage would remove the risk and potentially remove some anxiety as well.