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Reasons To Refinance

Reasons To Refinance

Are you paying too much on your loan? Feeling locked in? Refinancing can help you change your payment structure and give you more flexibility.

Are the rapidly declining markets with fluctuating interest rates bringing you down? Refinancing can help you safely convert your ARM mortgage to a fixed-rate mortgage so that your rate never changes. Are you finding yourself staying in your house longer than you expected? Refinancing can extend your expiring ARM payment or convert it to a fixed-rate mortgage so that you can enjoy your lower payments longer.

These are just some of the ways refinancing can alter your payments:

  • Refinancing can reduce your monthly mortgage payment
  • Refinancing can help you lower your interest rate. Even ¾ of a percent of lower interest rate can generate a significant savings.
  • You can lengthen or shorten your loan from 15 to 30 year mortgage or 30 years to 20 years. This will change your payment amount according to the length of the loan, but may help you pay off your mortgage loan faster
  • You can also refinance to an interest only loan. An interest only loan requires you to pay only the interest on your loan, giving you the option of paying against the principle if you need to. This gives you the flexibility of managing your monthly payments.
  • Refinancing allows you to access your home equity quickly and safely
  • The equity on your home can help you consolidate debt and pay off credit cards
  • You can use the equity to remodel and update your home
  • The equity from your home can help with your child’s education
  • Switch from an Adjustable Rate Mortgage (ARM) to a Fixed-Rate Mortgage
  • Pay off an expiring balloon* loan

*Balloon payments are just like Adjustable-Rate mortgages because they are offer lower rates and lower payments in the beginning; however, if you still have the property at the end of the balloon payment term (usually 5-7 years), the entire balance becomes due to the lender. Refinancing can help you avoid putting your house on the market before you are ready by paying off your Balloon and giving you a longer-term mortgage loan.