Are you in need of some cash for a necessary renovation project at home? Would you like to start spending less on your mortgage each month?
If you answered yes to either of these, then it may be time to consider refinancing your home. When you refinance, you can select a loan program that meets your specific needs, such as obtaining a renovation loan, or one that fits your situation, such as a VA loan if you are a veteran. Refinancing can help you lock in lower interest rates and improve your overall loan terms as well, both of which will contribute to lower monthly payments.
Refinancing your home can save you money – especially if you do your research and prep work to find the right program for your situation.
Lock in better rates and start saving on your monthly payments.
Refinancing Can Lower Your Monthly Payments
Take a look at your mortgage interest rate and current rates for new mortgages; is yours higher or lower than what is advertised? If it’s the former, then you want to consider refinance rates that will drop your interest down, along with your payments. The most significant benefit of refinancing is you aren’t trapped at an interest rate that is costing you more than it needs to.
Refinancing Can Mean Long-Term Savings On Mortgage Interest
Interest payments on your mortgage are what will prolong your debt – without large lump sums to pay off more than your typical costs, your interest will keep accumulating and adding to your total amount paid over the life of the loan.
But what if you could reduce the amount of interest you pay?
Refinancing can allow you to change the structure and terms of your mortgage to get a better deal than what you have. For example, if you have a 30-year mortgage, you’re looking at 30 years of accumulated interest; if you have a 15-year mortgage, the total interest accumulation over the life of the loan will be much less. Hence, if you can refinance your home into a shorter loan term, you won’t pay as much interest in the long run.
Making big plans for your home? Refinancing can help make your dreams come true.
Refinancing Can Get You Cash On Hand For Renovations
Do you have some pressing renovation needs, but you just can’t come up with the funds to cover them? Refinancing can allow you to take additional cash out in your new mortgage terms that can be used to pay for renovations or remodeling work – without adding too much of a burden to your existing debt.
If you currently have a balance of $150,000 on your mortgage and you need an additional $10,000 for repairs, you could refinance your loan with that extra amount included, meaning your new mortgage’s balance would be $160,000. However, when you go this route, you want to be sure to get better rates and terms on the new loan, so your payments will be less while you’ll still have that extra money for the work on your home.
Don’t feel trapped by your current mortgage, and take a look at some of the refinance options available to you.