Taking out a mortgage to purchase your home is a long-term financial commitment. This investment is one that should be carefully considered prior to applying, but it is also one that should be periodically reviewed against the trends in the current market to ensure that the terms are still desirable for your situation. Depending on your financial situation and future goals have changed since you initially took out your mortgage, the current market conditions may make it beneficial for you to refinance your loan.
Refinancing your home could offer you several benefits. These include:
Lower Your Interest Rate
Though it may not sound significant, even a 1% reduction in the interest rate of your loan could mean tremendous savings over the course of your mortgage.
Switch to a Fixed-Rate Mortgage
Changing from an adjustable-rate mortgage to a fixed-rate mortgage can prove financially responsible by adding security and planning potential.
Eliminate the Balloon
If you have a balloon mortgage and the final payment is looming, changing to a different style of loan can save you the stress of having to make that final balloon payment by the impending due date.
Access Your Home’s Equity
Refinancing your home loan can allow you to access the equity that exists in your home so that you can utilize it to pay other expenses or reduce your total debt for a healthier financial future.
It is important that you make the decision to refinance your mortgage very carefully to ensure that it is truly the most financially-conscious decision for your current and future goals. We will discuss your current mortgage with you and determine if there is a prepayment penalty in place or other conditions that may make it advantageous to keep your current loan in place and make other decisions to help you meet your needs. This could include taking out a line of credit based on your home’s current equity or potentially taking out a second mortgage. You can trust our experienced mortgage professionals to guide you through the often confusing process of making mortgage decisions.
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