You may be wondering if refinancing your mortgage is right for you. Below is a quick guide for home owners interested in lowering their mortgage payments and refinancing their home loans.
With most home loans, any costs incurred for your refinance can simply be rolled into the new loan. We will keep any refinancing costs to a minimum and will go over them in person so there are not any surprises at closing.
Can't wait to get started on refinancing your mortgage? Pre-qualify for a refinanced home loan now!
The most common reason to refinance your mortgage is to lower the rate or term, thus lowering your monthly payment. For instance, you could refinance get a lower interest rate than what you currently have. Make sure to use a mortgage calculator and calculate if refinancing your mortgage will actually save you in the long run. A rate-term refinance can also be used to shorten the term of your loan, such as a 30-year into a 15-year.
You can also use a refinance to access the equity you have built up. For example, if your home is worth $400,000 and your current mortgage balance is $200,000, you could do a cash-out refinance of $300,000 to liquidate $100,000 out of your home's equity.
These funds can be used for any purpose, such as to consolidate debt or for a remodel. Cash-out refinances have higher interest rates than rate-term refinances.
When refinancing your mortgage, it's a good idea to call us at 651-315-7681 so we can give you a FREE Refinance Analysis to make sure it’s the right move for you.
Mortgage Calculators for Refinancing
Using a mortgage calculator will help you determine if refinancing your mortgage is right for you. In some cases, refinancing will save you money on your monthly payments AND the life of the loan. Use our Refinancing Mortgage Calculator now!
Want to learn about mortgage rates for refinancing, or determine if refinancing your mortgage is right for you? Contact us today!