6 Reasons Why You Should Refinance

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November 2019
6 Reasons Why You Should Re??nance.
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There are many reasons to consider re??nancing
your current Mortgage (and many of which can be
to your bene??t). Weve created a list of some
of the most common (and some of the best
reasons) to Re??nance. Lowering monthly
payments Perhaps youve gone over your budget
and realized youd be more comfortable with
paying less monthly. This is where Re??nancing
may get a chance to shine! By shopping around
for a better Mortgage (weighing-out costs
rates) you can save big bucks monthly! There
are different ways to save Re??nancing
consolidating debt, obtaining a Lower Mortgage
Interest Rate and/or APR or changing the term
(timeframe) of the loan. When going over your
options, its important to look-into the Equity
in your home and your LTV (Loan-to-Value Ratio).
If your Equity has gone-up you may be able to
get a better Mortgage Interest Rate. Also, if
you have more than 20 equity in your home, and
youre currently paying PMI (Private Mortgage
Insurance) its possible to Re??nance without
the PMI. The great Mortgage Interest Rate on
your ARM is about to expire
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You got a great Mortgage Rate when you agreed
to take out an adjustable-rate mortgage (ARM)
but now the Rate is about to end and with a
??uctuating market, who knows if the change will
be for the better, or for the worse. Before you
get stuck paying more than you have to shop
around for a better Mortgage Interest Rate and,
better yet, go for a ??xed-rate loan. (You can
get a much lower rate and keep that rate for the
life of the Mortgage.) Your credit score went
up! Congrats on the better score(s)! Now its
time to get out there and compare. With better
credit, you may qualify for a better mortgage
rate on a brand new shiny Mortgage. This can
equal less Monthly Mortgage Payments allowing
the grip on your wallet to become a little
looser. You can also improve your credit more
by lowering your monthly payments, it can make
it easier for you to make payments thus
furthering the positivity associated with your
credit score.
You need cash! Uh-oh somethings come up and
you need cash. The good news is that, if you
have equity built-up in your home, you may be
able to take cash out of your Equity. Heres how
it works Lets say you currently owe 200,000 on
the mortgage but your home is worth 300,000-
this means you have 100,000 in equity. But
lets say out of this 100,000 you only need
50,000 in cash. You can actually take 50,000
cash from your Equity. This means that the new
Mortgage amount would be 250,000. By
re??nancing with a cash-out option, you can use
the cash from your equity to pay off some of
your Debts (that fancy wedding from a few years
ago, credit cards, student loans, auto loans,
etc.), or use that money for other situations
(home improvements, home repairs, medical bills,
auto repairs, etc.). Payoff your loan sooner
with higher Monthly Payments Looking to get out
of Debt sooner? There are a couple of ways to do
this with a ReFi. One way is to make your
Monthly Mortgage Payments higher in order to pay
off the loan sooner, and also save money on
Interest Payments. To do this, you may need to
change the term of the loan shortening the life
of the loan. Or, you can speak to a Mortgage
Lender about increasing the amount youre
currently paying back on your Monthly Mortgage
Payments.
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Consolidate your debt Want to make paying back
your debts more streamlined (and possibly
cheaper)? By re??nancing to consolidate your
debt, its entirely possible! By rolling all of
your other debts (or at least some of your other
debts) into your Mortgage, you can just pay one
lump sum every month at the same Mortgage
Interest Rate. This means if youre able to shop
around, and you ??nd a better rate than what
youre currently paying back, you can save money
monthly while also making getting out of debt
easier on yourself. If you want to ??nd out how
re??nancing your mortgage can bene??t you, speak
with a Mortgage professional here. Click Here
For Todays Mortgage Interest Rates.
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