Considering a refinance? Here are seven reasons why you might want to:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. To remove an ex-spouse. This one pretty much speaks for itself.
  7. 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 mhawkins@firstunitedbank.com

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