RefinancE
Refinancing is often used to lower your interest rate. If rates have dropped since you last financed your home, you may want to consider refinancing. Other common reasons to refinance include paying off a balloon payment, converting an adjustable rate loan to a fixed rate loan or to extract cash equity in your home (cash out). A few reasons for cashing out include: home improvement, an education fund, and consolidating debt.
Another way to convert equity in your home to cash is a "home equity" loan. A "home equity" loan is an alternative to refinancing if your home loan has a very low rate compared to current interest rates or if you have a prepayment penalty on your loan.
Your first step is to determine what you want to achieve by refinancing. It could be the right time if:
Your adjustable rate mortgage payment is increasing.
You want to consolidate monthly debt such a credit cards, car loans, etc.
Your current interest rate is higher than today’s rate and you want a lower payment.
You want to “cash out” equity to use for college tuition, vacation, or home improvements.
You want to pay off your mortgage faster by reducing your loan term, saving interest on the life of your loan.
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