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When you originally took out the mortgage on your home, you probably picked the most appropriate terms and the most affordable interest rates which were available to you at that time. Times change though, and there may be more competitive rates and terms available now. Refinancing your mortgage allows you to take advantage of todays opportunities.
Home refinances have a number of potential benefits. Here are just a few reasons to think about refinancing.
Pay a lower interest rate on your loan. If interest rates have dropped since you took out your loan, you can enjoy the current market rates.
Convert from an adjustable rate mortgage (ARM) to a fixed rate mortgage, or vice versa. An ARM may save you money in the short-term, while a fixed rate mortgage in the long-term.
Having a hard time paying your regular bills? Switch to a longer loan term for smaller monthly payments. This may give you the extra room in your budget that you need to live more comfortably.
Alternately, you can switch to a shorter loan term if you want to finish paying off on your loan sooner.
Enjoy friendlier terms governing your loan. You may qualify now for a loan today which offers more flexibility than the one which you originally took out.
Consolidate your debts. If keeping up with your debts has turned into a struggle, you may be able to alleviate some of the challenges you are facing through refinancing. You could save money and cut back on stress by paying off debt using the equity in your home.
Whether or not you are eligible to refinance your home will depend on your credit score, the amount of equity in your home, your debt-to-income ratio, and other factors. Exact requirements vary from one refinancing product to the next.
A good rule of thumb is to compare your finances now to your financial profile when you applied for your original loan. If there have been improvements in your credit score and other metrics, there is a good chance that you could save through refinancing.
At Premier Lending Corp, we can help you determine if you qualify for a refinance on your home. We also can go over your finances with you in-depth and advise you as to the potential costs and benefits of a refinance. That way you can make an informed choice about whether or not a refinance will help you to achieve your financial goals.
The longer you wait to refinance your home, the more it can cost you. Do not let those unnecessary costs continue to stack up. Over the years ahead, your savings through a refinance could amount to thousands of dollars. Please call 954-840-8811 to get started.Get Pre-Approved Today!
Premier Lending Corp is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.