Refinancing often gives you the opportunity to replace your mortgage with a better one. If rates are lower, you might have the opportunity to lock in a better rate. If your home has increased in value over the years, you may have the opportunity to take cash out of the equity in your home.
If you have an adjustable-rate mortgage that has crept up over the years, it might make sense now to lock into a lower fixed interest rate loan. Switching to a fixed rate while interest rates are low will save you thousands over the life of the loan.
Has your home increased in value or have you paid down a significant amount of your mortgage? Take advantage of lower rates and see about removing your PMI through a refinance.
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Once pre approved, if you’re not working with a trusted Realtor, then seek the counsel or advice of your trusted loan officer. They will refer you to one of their trusted realtor partners on the refinance page.
When a much lower mortgage interest rate is available for you to lock in, it may be time to refinance into a shorter loan term. You can pay off your loan sooner and save thousands of dollars over the life of the loan.
Your mortgage interest rate is often a reflection of your credit rating. If your credit score has improved, there is a chance you qualify for a lower interest rate when you refinance.
If you have equity in your home, then a great option for you may be to pull cash out. The money could be used for major renovations, to consolidate high interest debt, or even help pay for your children’s college
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