INTRODUCTION TO Mortgage Refinancing Whether you took on a 15- or 30-year mortgage, with interest rates at all-time lows, you don’t have to keep your existing loan. Take a look at today’s loan rates and another look at your financial goals and discover how refinancing your existing mortgage saves you money.
Here are six reasons refinancing may be the perfect option for you: Reduce your monthly payments. You work hard. With today’s lower interest rates, keep more of those hard-earned dollars in your pocket. Start saving money again..
Get extra cash for any reason. Take advantage of your home’s equity to access cash for home improvements such as a bathroom remodel or that garage you’ve been wanting.
Pay off your mortgage sooner than you expected. Shorten the term of your loan and get that mortgage paid off while building up your home equity.
Live a debt-free life. Whether you’re paying off credit cards, personal loans or other debt, they all have interest. The only debt that is tax deductible is your home mortgage. Therefore, consolidate your debt by rolling all of your monthly bills into one convenient payment and focus on getting your home paid off quicker. Take advantage of a loan that fits your current situation. Perhaps your financial situation has improved since you obtained your current loan. Get into the right loan program that best meets your needs today.
Plan for life-changing events. Have a child who is applying for college or getting married? Refinancing can help you with the finances you need for life events – from braces for your kids to making room for a new baby!
THE SMART GUIDE TO REFINANCING - RESIDENTIAL FINANCE CORPORATION
PAGE 4