Considering a refinance? Here are seven reasons why you might want to:
- To get a better rate. If interest rates have dropped since you closed on your home loan, you might be able to refinance in order to snag a better rate and lower your payments.
- To lower your term. Changing a loan from a 30-year plan to a 20-year or 15-year plan can save some homeowners money in the long run.
- To lower your monthly payment. On the flipside, switching from a short-term plan to a long-term plan can lower monthly payments, so some homeowners find that option more user-friendly.
- To access your equity. This is for people who don’t want to move but still want a bigger or more updated home. As long as you have enough equity built up in your home, you can access that in order to revamp your space.
- To remove your mortgage insurance. Some homeowners are still paying for mortgage insurance when it’s no longer required and should check with a loan officer about the possibility of having it removed.
- To remove an ex-spouse. This one pretty much speaks for itself.
- To switch from an adjustable rate to a fixed rate. Maybe you just need a little more stability in your life. This is especially enticing when rates are low and on the rise — like right now (hint hint).
If you have questions about any of these points and would like to learn more, contact Michael Hawkins directly at 972-369-6913 or email@example.com