Why Refinance your Home?

Here are some of the reasons you should think about refinancing your home.

To get a lower interest rate

The most common reason people refinance their homes is to gain a lower interest rate.  Over the years, interest rates have gone down significantly.  Refinancing your home at a lower interest can save you thousands of dollars over the course of your loan.

To covert an Adjustable Rate Mortgage

When obtaining a mortgage you may opt for an adjustable rate mortgage.  This means you start with a lower than average interest and after a certain period of time, the rate will increase to a higher than the average interest rate.

To avoid this large uptick in monthly payments, you should refinance your home in order to get a fixed and potentially lower rate.  This type of refinance can save you thousands of dollars a year.

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To consolidate two mortgages

If you have taken out a second mortgage on your home, refinancing is a great way to consolidate these two mortgages.  By refinancing, you can establish one set rate for both mortgages and only have to worry about making one monthly payment.

To payoff outstanding debt

Whether it is tied to your education, credit cards, or medical bills, debt is a problem that many Americans struggle with today.  One way to alleviate that stress is a cash out refinance.  In a cash out refinance you use the equity you have accrued in the property to pay off any outstanding debt and relieve some of the financial stress in your life.

To finance the purchase of another property

Cash out refinancing can be used to finance other ventures in your life.  Whether it is buying another property or starting a business, it allows you to have financial capabilities to support these plans.

These are some of the reasons why you should think about refinancing your property. If you need help with refinancing, call Real Estate Law Group!