Refinancing a home mortgage can be a big decision for many homeowners. Your situation and needs change over time so why shouldn’t your mortgage? Now might be the right time for you to refinance into a lower rate mortgage. You should take the time to consider the following questions to see if refinancing makes sense for you.
- Are you tired of your adjustable-rate that never seems to stop adjusting?
- Is Private Mortgage Insurance (PMI) getting you down when it doesn’t need to?
- Has the time come to save more money every month?
- Are mortgage rates currently lower than what your rate is?
- Will other financial opportunities present themselves as you refinance?
Refinancing is an easy way to solve many of your mortgage worries. Getting a lower monthly rate and paying less over the life of your loan just makes sense. At Everose Capital we’re ready to find the right refinancing solution for you. Our staff of refinance experts will help you evaluate your mortgage needs and draft a refinancing plan that will save you money.
Be sure to check out our mortgage refinance center to get the information you need so you can make a sound decision for you and your family.
There are many refinancing options available, and the benefits of each are unique. Whether you’re looking to reduce your payments or consolidate your debt, we can help. Call or come in today to get your process moving.
Lowering your Monthly Payment
- There are a few ways to lower your monthly payment, including obtaining a lower interest rate or extending the term of your loan. This is usually the primary reason for obtaining a refinance loan. Whether you're looking to switch from a variable rate to a fixed rate loan or looking to pay less per month a refinance loan can help provide more stability and smaller payments.
Cashing-out Equity
- Many people would like to take advantage of the equity they have built up in their homes. When refinancing, it is possible to accomplish that while still reducing your monthly payments. Accessing the equity in your home is a great way to make some improvements in your life whether that be paying for college, renovating or remodeling your home or even starting a business. For most people their homes are their greatest sources of wealth, so using that to its full advantage can make a big difference.
Consolidating Debt
- Refinancing can be useful in keeping your debt manageable by replacing a number of high-interest loans (such as credit card debt) with a single, lower-interest loan. You can take the cash that you gain from taping the equity in your house and paying off any kind of debt that you might have. Most people will try to pay off high-interest, non-deductible forms of debt such as credit cards or auto loans.
Dropping Private Mortgage Insurance
- Depending on how much equity you have in your home you can refinance your home loan and possibly drop your private mortgage insurance. This can mean a lower overall monthly payment on your mortgage.
These materials are not from HUD or FHA and were not approved by HUD or a government agency and in some cases a refinance loan might result in higher finance charges over the life of the loan.
