Refinancing

Most people refinance their mortgages to get a lower interest rate. The lower rate translates into a faster payoff time or a lower monthly payment. But a low rate isn’t the only reason you should consider a refinance. Six reasons to consider financing are:

• Lowering Monthly Payments – A lower rate may mean lower monthly payments. You should consider taking out a loan for the same length of time that remains on your current mortgage.
  
• Pay Off Your Mortgage More Quickly – You may be able to shorten the term of your loan (for examle, from 30 to 15 years) while keeping your monthly payment at or near its current level. You could save thousands of dollars in interest!
  
• Lock In A Low Rate – You could refinance your Adjustable-rate mortgage to a fixed rate.
  
• Get A Better Adjustable-rate or Interest Only Mortgage – A new program may be available that has better rates and terms than your current mortgage.
  
• Debt Consolidation – With enough equity in your home, you could combine a home equity loan with your first mortgage to have just one payment. You could also pay off other high-interest debt, such as credit and charge card balance, installment loans, or college tuition.
  
• Remodeling Your Home – You can make updates or needed repairs and enjoy the tax benefits of incorporating this into your mortgage.

Contact us at our location nearest you for more information.