Why should you refinance?
You can enjoy many benefits by refinancing your mortgage, including:
- Obtaining a lower interest rate can significantly reduce your monthly payments.
- Consolidating high interest consumer debt lowers your monthly bills and increases the amount of interest you can write off on your taxes.
- You can change your present adjustable rate mortgage (ARM) to a fixed rate.
- If you have a fixed rate mortgage, you can convert it to an ARM and lower your monthly payments.
- Reduce your monthly payments by consolidating your first and second mortgages.
- Take advantage of the appreciated value of your home by refinancing to a lower rate and eliminating mortgage insurance.
- Receive cash for home improvements, college education, second home purchases and personal investments.
- Lower your monthly payments while leaving the balance the same with our no closing cost loan program. There are no out-of-pocket expenses!
Is refinancing the best option?
As a rule of thumb, it pays to refinance if you can retrieve the actual cost of financing in less than twelve months. However, every situation is different. Ask yourself the following questions to see if you can save money by refinancing:
- How much can I lower my current monthly payment?
- How long do I plan to stay in the house after I refinance?
- How much will I pay in refinancing costs?
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