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NMLS: 253889 - DRE: 01450808
8 Reasons to refinance your mortgage
8 Reasons to refinance your mortgage
Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance but they all boil down to one key goal: saving money.
Refinancing can have both short- and long-term effects on your finances. People choose to refinance for a number of reasons, but here are some of the most common motivators:
1. Reduce monthly payments.
2. Tap into equity.
3. Pay off another loan.
4. Eliminate PMI (private mortgage insurance).
5. Cash out to remodel/renovate.
6. Switch to a fixed interest rate.
7. Lower your interest rate.
8. Shorten your loan term.
If you’re considering refinancing your mortgage, the first move is to figure out your goals. Knowing what kind of refinance you're looking for will help you compare rates and estimates. When you’re ready to get started, I can get you pre-approved
How to decide If refinancing is right for you?
Follow these steps:
- Check your credit score.
- Estimate your new interest rate.
- Estimate your closing costs.
- Calculate the short- and long-term effects of refinancing on your finances.
- Calculate your break-even period for refinancing.
If you want to know more about refinance, you know you can call me, I will make it simple and safe!
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