What does it mean to Refinance?
Refinancing a mortgage is when a borrower gets a better interest rate and loan term. A borrower can achieve lower monthly payments and if they qualify, use their equity to obtain money that can be spent by the borrower. Refinancing is often a wise decision that can allow you to meet a variety of needs:
- Lower your monthly payments by taking advantage of lower interest rates or longer repayment periods.
- Take the risk out of your mortgage interest rate by replacing an adjustable rate mortgage (ARM) or balloon mortgage with a fixed rate mortgage.
- Shorten the term of your loan to pay off your mortgage faster.
- Take equity out of your home for expenses or to consolidate debt.
There are several pros and cons of refinancing a mortgage and we can help determine if this is right for you. For more information on refinancing contact us today at (877) 775-7088 .