Refinancing
When interest rates fall or you have a change in your financial situation, you may consider refinancing.
Refinancing actually replaces your current mortgage with a brand new loan, so expect a process similar to
what you experienced when you got your original mortgage. Refinancing is a choice that can help you in many ways:
- Taking advantage of lower interest rates to reduce your monthly payments and reduce your interest cost for the life of your mortgage. If interest rates are 1/2% to 5/8% lower than your current rate, consider refinancing.
- Shortening your loan term to reduce interest cost for the life of your mortgage.
- Shortening your loan term to pay off your mortgage faster and build up equity faster.
- Extending the loan term to reduce your monthly payments.
- Switching from an adjustable-rate loan or balloon mortgage to a fixed-rate loan, to reduce your interest rate risk
- Freeing up cash for major expenses.
- Debt consolidation.
Don’t make your decision based on just one option that makes it tempting. Think about:
- How will refinancing help you reach your financial goals?
- How long will you stay in your home?
- How will you use your equity?
- Always keep the big picture in mind.
I would love to introduce you to a loan specialist that you can trust who can help you determine what is best for your situation. Give me a call at (803) 381-6648 or visit my contact page and we can talk about your options.
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