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Should I refinance my house? Let’s look at your options.
You’ve heard about refinancing, but are curious if it makes sense for you. Although each person’s situation is unique, here are some common reasons to refinance an existing mortgage.
A home is the biggest purchase many of us will ever make, so it’s smart to periodically evaluate your mortgage to determine if there are any ways to save money. A home lending professional can provide a mortgage check-up and discuss the various options for a potential refinance.
Secure a lower interest rate.
This generally reduces the total amount of interest paid over the course of your mortgage.
Shorten the term of the loan.
This is another way to save on overall interest paid. It will also give you the financial freedom of being mortgage-free sooner than expected.
Lower the monthly payment.
This option may not save you money in the long run, but it could free up monthly cash flow for current expenses.
Convert your ARM (Adjustable Rate Mortgage) to a fixed rate.
This allows you to “lock in” an interest rate that won’t change. It helps remove the uncertainty of an adjustable rate, which is especially important during times of economic volatility.
Convert your fixed rate to an ARM.
If interest rates are trending lower, you may want to switch to an ARM to optimize market trends. This can be tricky in today’s market, but we can provide guidance on a potential to shift to an ARM.
Before finalizing your decision, it’s important to calculate the break-even point to determine if you’ll save enough money to justify refinancing. We can help you make that determination.
allows you to extract the available equity in your home. Equity is the amount already repaid on a mortgage, adjusted for any rise or fall in the home’s value, with any existing loans subtracted.
Getting your hands on this cash makes it possible to use the money for nearly any purpose. From your daughter’s wedding or a dream vacation to education expenses or a kitchen renovation, the money belongs to you.
After completing the cash-out refinance, your new loan includes the remaining balance on your mortgage PLUS the amount of equity you’re accessing.
Weigh Your Options
Each homeowner’s situation is unique, so this information is provided as educational information, but is not a one-size-fits-all recommendation. Contact one of our mortgage professionals discuss your circumstances and goals before making a decision.
- By Lauren Howey, Apr 12, 2017
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