Why should you refinance?
Many don’t ever think about refinancing, but did you know the average person can save $100’s to even $1000’s a year by doing so? There is also no limit to the amount of times you can refinance your mortgage. Just this past quarter of 2015, borrowers that chose to refinance their loans will save more than $1.4 billion on their interests payments this first year of their new loan. Still not sure?
Here are the top 4 reasons to refinance your home:
1) Reduce your interest rate and/or monthly payment. You’ll have the options to save more money or pay down your mortgage faster.
2) Consolidate multiple loans, credit cards, or other debt into one convenient payment while lowering your overall interest.
3) Change your amortization type. Going from an adjustable rate mortgage into a fixed rate mortgage locks you in to a lower rate though the life of your loan.
4) Get cash from the equity of your home to finance renovations, your kid’s college tuition, or even personal debt.