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Refinance my mortgage
Refinancing allows you to adjust your mortgage to better
fit your current needs. When you refinance you get a new mortgage without losing the equity in your old home.
Benefits of refinancing are, change your term, get a better interest rate, change the mortgage type, etc.
Reasons for Refinancing?
Click here for valuable information related to your particular situation.
Get a lower interest rate mortgage and save money
If your current mortgage rate is higher than current interest rates, refinancing can make real financial sense. By refinancing you could lower your monthly interest costs and save on short-term and long-term money. If market interest rates are 1/2% to 5/8% lower than your current interest rate, you may want to consider refinancing.
Lower monthly payments
If interest mortgage rates are the same and want to lower your monthly payment by extending your repayment period. If you change from a 30-year to a 40-year mortgage loan for example, you will have to repay the same principal, but over an additional 10 years. This can make a big difference in your monthly cash flow.
Get a shorter term loan
Shorter-term mortgage increases your current monthly mortgage payments,
but effectively save you a lot of money. You can be finished paying off your mortgage loan in 15 years instead of 30 years and save all of those years of interest payments and lower interest rates.
Change your mortgage loan type
Fixed rate mortgage?
Adjustable rate mortgage?
What worked in the past may not work for you today. Your old mortgage might not be the best mortgage for you today. By refinancing you can change to the type of mortgage that is best for you. Learn about the different mortgages available in our mortgage comparison section.
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