There are many reasons why people refinance. Before you do, consider if the potential interest rate savings outweighs the cost to break your current mortgage.
I can run a custom analysis for you to help determine if refinancing is right for you.
You may want to Refinance ..
- to lower your monthly mortgage payment
- extend a lower rate for a longer period of time. Changes to the term and amortization can be made.
- Do you need to consolidate debt? If you have equity in your home, consider an equity take out to pay off high interest debt and have one payment.
- Do you need money for a home renovation or for investing purposes? Added equity in your home can help fund these. If you don’t need the funds right away, consider a home equity line of credit (HELOC). These are usually at Prime plus 1% (more or less in some circumstances), and you can pay interest only payments on the money you withdraw when you need it.
In order to refinance, current mortgage rules require that you have equity of 80% or more in your home.
Contact Me for a Confidential Complimentary Mortgage Evaluation to determine if refinancing is right for you!