What Is Refinancing? Should You Consider It?

For those who are new to the term, mortgage refinancing is the process of replacing your current home loan with a new one, that has different terms. Often times, if you are looking for a lower interest rate, reducing monthly mortgage payments, looking to convert home equity into cash or if you would like to switch to a fixed-rate loan, refinancing is the way to go. Many also decide to go forward with a refinance if they need access to cash for home renovations or paying off debts. Refinancing allows them to leverage the equity in their home to obtain a cash out. Before you make any major decisions however, it is best to understand both the pros and cons of refinancing and how the decision to do so will affect you. Learning about the options that are available to you will help you decide which option is the best.

Benefits To Refinancing Your Mortgage

• Lowering your monthly payments

• Reduce the length of your loan

• Switching from an adjustable rate to a fixed rate loan

• Leverage the equity in your home to obtain cash

When is the right time to Finance?

It is very important to analyze all areas financially to figure out if refinancing is the

option you should go forward with. There are tons of different factors that may allow you to reduce rates, monthly payments and change your home loan. In order to make the smartest decision, contact us today to learn more about options that are available to you. We want to ensure that the financial decisions you choose benefit you both in the short term and the long term.