June 20, 2018
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Four Reasons to Refinance

Mortgage payment got you down? Has your payment recently increased due to an adjustable-rate or maybe mortgage interest rates are lower now than when you initially took out your loan? Whatever the reason, its well worth your time and effort to look into how refinancing could possibly benefit you and let you breathe easier in terms of your budget.

Consider these four reasons to refinance:

1. Lower Interest Rate—Obtaining a lower interest rate is one of the main reasons to refinance. A lower interest rate can make a huge difference in your monthly payment as well as allow you to save money on financing fees over time.

2. Change Your Loan Program—Homeowners who started with an adjustable rate mortgage may want to consider changing to a fixed rate mortgage for more security over time. The adjustable rate may have been the best deal at the time, but it may be less appealing now because of the economy. If you’ve been watching your rate go up and your payments go up, you may have more peace of mind with a fixed rate.

3. Build Equity Faster—If you can handle a higher payment, you may want to consider a 15 or 20-year loan. You can build equity faster as well as save big money on financing fees.

4. Better Credit Score—Many consumers are now much more aware of that mysterious number which industry professionals guarded so dearly years ago. Through education, consumers know what it takes to improve their score, thus, positively influencing their own financial future. If your credit score has improved, you may be in a position to take advantage of it and translate it into a lower payment.



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