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  • Bill Brown

Four Reasons to Refinance Your Mortgage

Here are four reasons to refinance your home loan.

  1. Reduce Your Interest Rate - A lower interest rate means more of your monthly payment goes toward paying off what you owe. A lower rate can also reduce total interest costs, get you a lower monthly payment, or do both. Rates have been at near historical lows but many experts predict that mortgage rates may increase in 2022.

  2. Change Your Payoff Timeline - You can change your repayment schedule by refinancing. For instance, if you have 20 years left on your current mortgage, you could refinance to a 15 - year loan. This could substantially reduce total payment costs. Or maybe increasing your term and lowering your payment is the solution that best meets your needs!

  3. Change Your Loan Type - If you have an adjustable rate mortgage, you might decide to refinance to a fixed rate loan. Doing so eliminates worry about rates and payments increasing in the future. If you have an FHA loan, maybe you can refinance to a conventional loan and eliminate mortgage insurance.

  4. Tap Into Your Home Equity - You may want to use some of the money in your home to do other things. A cash out refinance is one way to do this. Is it time to make the home improvements you have dreamed about? Maybe you feel like you are drowning in credit card debt. Use the equity in your home to pay those debts off and improve your monthly cash flow.

There is no cost or obligation for your free mortgage analysis. So give me a call at 803-542-3863 or use this link to apply safely and securely at our company website. I hope to hear from you soon and thanks for the opportunity to earn your business!

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