Should you refinance your home mortgage?
Reasons to Refinance
Lower Your Mortgage Rate
Refinancing your home mortgage makes a lot of sense. The
obvious reason is to lower your interest rate. With interest
rates so low right now, we recommend refinancing in almost
every case (exceptions if financial stability or planing
is in question, etc).
For most people, the consistent and timely payments on
their current mortgage makes it possible to easily get a
refinance and save BIG. Other factors -such as an improved
credit score from timely credit card and auto payments can
yield an even better rate!
Just one-half of one percent difference on your mortgage
rate can literally save you thousands of dollars in payments.
Immediate Cash from Equity
As your home appreciates in value, it may make sense to
use your new equity to get cash through a refinance for
a variety of purposes. You could build an addition to your
home (adding more value), pay for college, invest in a new
business, consolidate your high interest consumer debt,
or simply take a much needed vacation.
Debt Consolidation
Do you have balances on your credit cards that eat into
your spendable income every month? Why not refinance and
pay off all your credit cards? One mortgage payment that
is tax deductable will save you time and money.
Or, if you would rather not use your equity to pay off
high-interest credit card debt, find out about other Debt
Consolidation options.
Be sure to ask the following in order to decide
on the best refinance lender:
- What is the term of the mortgage note?
- Is there a pre-payment penalty?
- What are the closing costs- recurring and non-recurring?
Ask what the difference is to be sure you're on the same
page...
- Do you require any money up-front? If not, then ask
how to get your deposit back if you are not approved.
You'll want this spelled out to avoid hassle later.
- How long is the rate good for?
- What is the maximum amount of money I can borrow based
on my home's value and my credit score?
You can get the answers to all your questions quickly,
securely, and professionally by using a refinance quotes
service that will scour the refinance lenders for the best
deals.
If you feel you're ready to look at refinancing or simply
want to "test the waters", consider getting a
quote from LowerMyBills. From one, simple and quick form you will receive the 4
best refinance quotes from local and respected lenders.
Specific quotes Quotes and Mortgage
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