*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Imagine this: You're in a home, diligently making your mortgage payments when you say to yourself, "Man, I really wish I didn't have to pay as much for my mortgage." There might also be thoughts of, "I wish I could just pay this house off sooner." Or maybe even, "I've got a high interest rate, I wonder if there is a better rate out there for me." Guess what, it might be time to revisit your home financing situation and make those wishes come true!
Below are my top three reasons why I think it is important to consider refinancing your home.
1. Pay off Home Sooner
When you first close on a home, the term of the loan may seem like forever away. Whether it's 15 years or 30 years, that's a lot of time to spend money on paying back your loan. Refinancing to a lower term may be a good option for you if this thought has crossed your mind. Be warned though, this is likely to mean higher monthly payments, but it is possible to pay off your home in a shorter amount of time by refinancing.
2. Reduce interest rate and monthly payment
Interest rates can be a pain, especially if you purchase your home while interest rates are higher than normal. The good news is that rates usually go in a cycle, and there's a chance that they'll come down sooner rather than later. When this happens, refinance! Refinancing to a lower interest rate can also help lower your monthly payments early on in the loan payment plan.
3. Pay off Debts
Paying off your debts is always a great thing. By refinancing, you can take money out of your home by doing a cash-out refinance, and use that money towards paying off other outside debts. By refinancing, you can also cut down the debt you owe on your house by paying it off earlier, or lessening the payment on your loan by opting for a smaller interest rate.
Refinancing is a great option to keep in mind, and can even be a goal you set for yourself, and for your family when deciding to purchase a home.
Contact me for more information on the benefits of refinancing your home today.
*disclaimer: Not all individuals will qualify for each loan type and/or scenario. Please contact me to see if you'd qualify for these loan products and/or discuss your options.
Brayden Ramsay NMLS #1997195
Momentum Loans NMLS #1606597
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