Simply put, you could get better payment terms or a lower interest rate, saving you thousands in the long run..
Top Reasons to Refinance
- Lower your monthly payment
- Lowering the amount you pay each month, may extend your loan terms, but you’ll free up cash for other monthly expenses. Lower your interest rate.
- Refinancing to a lower rate can save you money over the length of your loan. Check out rates now to find out if you should refinance to save money.
- Drop your mortgage insurance
- If you have more than 20 percent equity in your home, you can, refinance to a conventional loan and stop paying mortgage insurance.
- Get cash
- If you’re looking to do some home improvements,would like to consolidate debt, or even plan a vacation refinancing your home loan frees up the equity, giving you the cash you need.
- Keep your payment from rising
- One of the biggest pitfalls to an adjustable rate mortgage is that your payment will go up when interest rates rise. If you’re hoping to stabilize your payment and keep it low, refinancing your loan to a fixed rate mortgage could be the answer..