To refinance or not to refinance . . . these days, that is the question. The fact is, refinancing can provide many financial benefits and isn’t as costly as you may think, in fact in most cases the costs can be rolled into the new loan. Below are the 5 top reasons why refinancing your mortgage could turn out to be the best thing for you, your family and your bank account.
Shorten the term of your loan
With record-low interest rates, payments on a 15-year mortgage may be comparable to the 30-year loan payment you’ve been paying.
Lower your interest rate
In general, if you can reduce your interest rate by at least 1%, refinancing your home could literally save tens of thousands of dollars over time.
Save on monthly payments
Reducing your payment could free up hundreds of dollars per month that can be saved for a rainy day or invested back into your home.
Lock in a lower rate
Beyond being easier to plan for and budget, locking into a fixed rate now can protect you from rising interest rates in the coming years.
Cash-out home equity
From paying off credit card debt to educational costs, refinancing can be a great way to convert home equity into money you can utilize now.
For more information, talk to a HAR-CO Mortgage Officer about making the most of today’s interest rates!
Sr. Mortgage Officer
P: 410-838-9090 x1252
P: 410-838-9090 x1249