Could your current home loan be serving your needs better? It may be time to refinance.
The exact benefits of refinancing vary from one scenario to the next. Here are a few possible advantages of refinancing your home loan:
Refinancing can be helpful in a number of different situations. Here are a few examples where doing so could be to your benefit:
If the interest rate you are paying is higher than interest rates for new mortgages today, refinancing could help you save significant money.
Are you earning more money than you were when you first purchased your home? You may qualify for a more competitive interest rate now then you did previously. The same may also be true if your credit score has gone up.
If mortgage insurance is eating a hole in your finances, you might be able to refinance and get rid of it given sufficient home equity.
When your adjustable mortgage rate is ballooning, refinancing to a fixed mortgage rate can put a cap on it.
In some scenarios, homebuyers assume they will remain in their homes for a long time, and choose fixed mortgage rates. When they realize they will be moving sooner than expected, refinancing to an adjustable rate can help them save money during the introductory period.
Life does not always unfold according to plan. If you’re income has taken a hit, refinancing to a longer loan term can make it more affordable to keep up with your payments.
A cash out refinance is an option if you want to consolidate your high interest debts.
If you need help figuring out whether refinancing your mortgage makes financial sense, you can receive in-depth answers and personalized advice from our friendly loan experts.
Please give us a call today at (248) 775-1275 to schedule your consultation. We work with homeowners in Florida, Michigan, and throughout the US.
For complete loan program details please speak with a mortgage specialist. All programs, rates, terms and conditions are subject to change without notice. This is not a commitment to lend. All loans are subject to credit and collateral approval. Some products may not be available in all states. All loans are offered through Ascend Mortgage, LLC a division of Florida Capital Bank, N.A. dba Ascend Mortgage NMLS 790396.
For complete program details, speak with one of our mortgage specialists. This is not a commitment to lend. All home lending products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply. Home lending products are offered through Florida Capital Bank, N.A. dba Ascend Mortgage NMLS 790396. Nationwide Mortgage Licensing System & Directory information can be found at www.nmlsconsumeraccess.org.