People refinance for many different personal and financial reasons. There are also a variety of benefits you can take advantage of, too. No matter why you might choose to refinance, PrimeLending will assist you in identifying the best mortgage option.
Lower your interest rate.
Taking advantage of today’s lower interest rates is the most common reason people refinance their mortgage. This can give you lower monthly payments and more spending money each month. Or, depending on the length of your new loan, a lower rate can mean saving money by paying less toward interest over the life of the loan.
Shorten your term.
A shorter term will help you pay off your loan sooner. You may end up with a comparable, or even slightly higher monthly payment, but the trade-off is saving thousands of dollars over the life of the loan. With a shorter term and a lower rate, more of your monthly payments go toward principle, not interest, so you build equity much faster.
Change your adjustable-rate mortgage to a stable fixed-rate mortgage.
Many borrowers don’t like the uncertainty that comes with an adjustable-rate mortgage. So they refinance to a predictable fixed rate loan. This helps avoid future payment increases and with long-term budgeting.
This type of refinancing lets you convert part of your home’s equity into cash to use however want you. You could pay off high-interest credit cards, remodel your home, pay college tuition, cover medical expenses or even take a dream vacation. Plus, you can still enjoy other refinancing benefits like getting a lower interest rate or a shorter term.
To find out how much you could save, or to get the cash you need, contact me today to find out your refinancing options.