Should I Refinance My Mortgage?
Now may be a good time to consider refinancing your mortgage but the question is, how do you know if it is the right time for you to refinance? Owning a home has many benefits, and helping you reach your financial goals is one of them. With lowering interest rates, it may be worth taking the time to get informed with your mortgage loan officer to see what is best for your specific financial situation.
Many homeowners consider refinancing their mortgage for the following reasons:
1. Lower Your Interest Rate
if your mortgage was originated in a time of high-interest rates (above 4.5%), and you qualify for a new mortgage, you can lower your interest rate and save thousands of dollars over the life of the loan.
2. Eliminate Mortgage Insurance
If your mortgage includes mortgage insurance and your home’s equity now exceeds 20% of its value, you can obtain a new mortgage that does not require costly mortgage insurance, saving you hundreds of dollars every month.
3. Cash Out
Borrow from your home’s equity to create more equity by refinancing your mortgage to fund home improvements or other projects around the house. This will add more value and equity to your property.
4. Shorten Your Mortgage Term
Pay off your home quicker by refinancing from a 30-year mortgage into a 15-year mortgage with lower rates. If your current rate is high enough, you may even save on your monthly payments! Find even more information on mortgages and loan types.
Let us review your mortgage to see what your options are. You may be able to qualify for a refinance on your current property to save money. Be sure to contact the John Z Home Loan Team, we would love to assist you with getting the information you need in order to make informed financial decision.
Let us know if you have any questions about mortgages, interest rates, first-time home buying or what is the best type of home loan for you. We are here to help.