REFINANCE A MORTGAGE

There are many reasons to refinance your mortgage. You may have been working at improving your credit score and now qualify for a new mortgage with a better interest rate. Or perhaps you want to stabilize your payments by changing from a variable rate mortgage to a fixed-rate. Another popular reason to refinance is to pull out equity for consolidating debt, home improvements, investments, college expenses, and more.

You can typically borrow up to 80% of the value of your home for a refinance. Many people find that the easiest and most affordable way to access money is through the equity that they have accumulated in their home.

However, refinancing is not only used when you want access to more funds. By far the most popular reason to refinance today is to take advantage of low interest rates, and decrease your monthly payment. This also allows you to pay off your mortgage faster, and save thousands of dollars in interest. You may have to pay a penalty to break your existing mortgage term; however, if the interest savings outweigh the costs it can be an excellent financial strategy. Call us to determine if refinancing can save you money.

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