Mortgage Refinance

Refinancing a mortgage is when a borrower gets a better interest rate and/or loan term. A borrower can achieve lower monthly payments and if they qualify, use their equity to obtain money that can be spent by the borrower. There are several pros and cons of refinancing a mortgage and we can help determine if this is right for you.

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If your interest rate is higher than the current market rates it may be beneficial to refinance your home to obtain a lower rate.  Lower rates mean less interest being paid and more principle applied to your mortgage.
The longer you’re in your home, the more equity you acquire and the lower your balance goes on your loan.  This makes for a great opportunity to cash out on that equity.  For example, let’s say you owe $250K on your loan and the home is now worth $350K.  Depending on which type of loan you do, you can obtain a percentage of that equity in cash.  This cash can be used to pay off credit cards, automobiles, recreation vehicles, student loans, etc.  It can be used as capital to start a new business, buy a new car or pay for tuition. There are many options and the choice is yours!
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Do you make more than you did in the past?  Would you like to pay off your home sooner?  How about changing the loan loan term to a shorter period of time?  This also can be accomplished with a refinance.
Are you making less than you used to?  How about refinancing into a longer term to lower the monthly payment?  This is also an option!

For more information on refinancing contact us today at (760)403-8066.