Get To A Better Place
By refinancing his/her mortgage, a homeowner pays off an existing home loan and takes out a new loan. The #1 reason homeowners refinance is to get a lower interest rate, but there are several other benefits that refinancing can offer you:
- By building up a better credit history, you can possibly refinance your mortgage at a lower rate and take advantage of your improved new credit.
- You can refinance to change the type of loan you have. For example, you could change an existing Adjustable Rate Mortgage (ARM) to a Fixed Rate Mortgage or vice-versa. Or you could change the length of your loan from, for example, 30 years to 15 years.
- Refinancing enables you to build equity in your home faster when you lower the interest rate and/or shorten the term of an existing loan.
- Refinancing might allow you to avoid paying PMI (private mortgage insurance), because your home has appreciated in value.
Find out if refinancing is right for you. Take a moment to fill out an application or call to speak with an experienced Mortgage Consultant today.