Refinance Loan

There are several reasons why you may consider refinancing your mortgage. Now may be the time to refinance if you want to

• Reduce the term of your loan and lower the total cost of your loan. When you switch a 30 year to a 15 year loan, you will see a slight increase in your payments. The benefit in this is you will save thousands of dollars in interest payments.
• Lower your interest rate. With interest rates being at a all time low, this could be the perfect opportunity to eliminate your higher interest rate.
• Complete Home Improvements. You can choose cash-out refinancing and use the money complete those home improvement projects to add value to your home.
• Consolidate Debt. Refinancing is often overlooked as a way to pay off debt. You can combine your higher interest bills with your mortgage to pay off your bills faster.
• Get rid of that annoying private mortgage insurance. If you have at least 20% equity in your home, you can refinance your home and stop paying for PMI. This should greatly reduce your monthly payment.
• Switch from an ARM to a fixed rate. This could be the time to secure a fixed rate mortgage and enjoy lower set monthly payments for the entire term of your loan.

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