Why not consider a mortgage term reduction with a rate reduction to make the most of your refinance? Refinancing to a shorter term loan (such as converting from a 30-year fixed to a 15-year fixed) could potentially reduce the interest expenses you’ll pay over the life of the loan and allow you to pay off your home faster.
If you’re a homeowner with an adjustable-rate mortgage (ARM), you could lock into a fixed rate to stabilize your monthly payments. Some people may even decide to refinance out of their existing ARM and into a new ARM loan as a temporary solution for avoiding bigger payments.
There are lots of creative ways to refinance your home depending on your goals. Give us a call at 800-974-4434 and we’ll help you go through your options.