Four Reasons To Refinance Your Mortgage
Refinancing To A Fixed Rate
When interest rates are low, refinancing from an adjustable rate mortgage (ARM) to a fixed rate can give you more stability. This can be easier on your budget, and allow you to better plan for monthly expenses.
Shorten Your Loan Term
If you’re ready to pay your mortgage off early, refinancing to a shorter term may increase costs in the short term, but give you the opportunity to be mortgage free sooner. Who doesn’t want to be mortgage-free sooner?
Take Cash Out
If there’s equity in your home, you may be able to turn it into cash. This is a popular option for those looking to pay off debt, pay for major expenses (like remodels, college, etc), and more.
Lower Your Monthly Payments
Depending on market conditions and your financial plans, you may be able to lower your monthly payments by refinancing your mortgage. If a lower monthly mortgage payment is your goal, it’s time to talk to a Mortgage Banker.
How Much Does It Cost To Refinance?
Refinancing and the fees associated a new mortgage are very similar to the fees that you paid on your original mortgage. Typically you’ll pay a loan origination fee, an appraisal fee, closing costs, etc.
As you contemplate refinancing your mortgage, you’ll want to consider your break-even point. This is generally the amount of time you’ll need to stay in your home in order to recoup the costs associated with refinancing your mortgage. It’s important to remember, the break-even point is only one consideration in the equation, much of this depends on why you are refinancing. Your mortgage banker can help you understand all fees and costs associated with refinancing your mortgage.
Looking To Refinance Your VA Loan?
VA homeowners looking to refinance have access to one of the most streamlined refinance options: the VA Interest Rate Reduction Refinance Loan (IRRRL).
The IRRRL program offers homeowners with an existing VA loan an opportunity to refinance with minimal costs, paperwork, and fewer requirements. If you’re interested in refinancing your VA home loan, we’ve got you covered.
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