Refinance
Some People think the only time to refinance your mortgage is when interest rates are at rock bottom. However, you may be missing out on the opportunity to save in several ways as you prepare to put your financial house in order. One of the things you may be wondering about is…
Why now?
- If you currently have an adjustable rate mortgage (ARM) – especially one you closed within the last two or three years – there is a good chance that the interest rate on your ARM exceeds today’s rates.
- By refinancing to a fixed-rate mortgage, you lock into one rate for the life of your loan. That means no more increases in your monthly principal and interest payments as rates increase.
- Refinancing may give you funds to pay off revolving credit balances, pay school tuition, or expand or remodel your current home.
- By reducing your total monthly debt, you may be able to pay your mortgage off faster. We’ll compute monthly payments for 15- and 30-year loans to see what works best for you.
- Your closing costs on refinancing can be rolled into the refinance package.
- You get the advantages of refinancing, without depleting your available cash reserves.
- Monthly housing payment too high? Now might be the time to lower your payment by refinancing to an Interest Only Adjustable Rate Mortgage (ARM), especially if you plan to stay in your home no more than 3 to 5 years.
- This can give you additional cash flow by reducing your monthly housing payment.