Refinance
| Debt Consolidation |
There are many reasons to refinance your home. The following are the 4 most popular:
You can refinance your existing loan at a lower interest rate thus reducing your monthly loan payments. With interest rates at their lowest for years, you can find some excellent rates - sometimes far much lower than what you're paying for your current loan or mortgage. Refinancing your mortgage or loan when rates are down could save you hundreds of dollars every month and thousands over the life of your loan.
You may choose to refinance in order to consolidate debts and replace high-interest loans with a low-rate loan. The loans being consolidated may include higher purchase loans, student loans and credit cards. You can clear all your existing credit cards, loans and other debts and replace them all with one low cost cheaper monthly payment. A debt consolidation loan is a smart solution for anyone who has many outgoing monthly payments.
You can also refinance in order to switch from a variable rate loan to a fixed rate loan. The main reason behind this type of refinance is to obtain the stability and the security of a fixed loan. Fixed loans are very popular when interest rates are low, whereas variable rate loans tend to be more popular when rates are higher. When rates are low, you can refinance to lock in low rates. When rates are high, you may prefer the short term discounted variable rate loans to obtain lower payments. A major benefit to refinance is the ability to lock in a low interest rate for the duration of your loan.
A "cash-out" refinance can be a good idea for homeowners who want to draw on the equity built up in their house to get cash for a major purchase or for their children's education. Since the interest on a mortgage is low, borrowing money against your home proves to be very sound. In addition the mortgage interest is usually tax deductible.
If you are considering a refinance please fill out the form below and after an initial 5 minute phone call I will be able to determine wether considering a refinance is right for you. Major benefits come when you gain 5,10, or 20% equity, or if you have seen an improvement in credit score to above 620.
I recommend to schedule a review if you:
- bought your home within the last 3 years
- had a low initial down payment
- have or have had blemished credit in the past
- are 2-4 years out of Bankruptcy
- have an Adjustable Rate Mortgage (ARM)
- have over $10,000 in credit card debt.
- have marked improvement in payments for 12 months.
- It's been two years since your last refinance.
Scheduling a review of your credit and mortgage is the easiest way to make sure you are in the best financial position you can be. With average savings being from $100-$300 a month, it can be one of the easiest ways to stay ahead of your bills, or meet your retirement goals.
For a quick 5 minute review of your financial situation or if you have been considering a refinance please complete the following information:
