Whether you’re looking to lower your monthly mortgage payment, get a lower interest rate, shorten your term or do a cash-out refinance, our mortgage experts can help you determine if a home refinance meets your financial goals and needs.
Refinancing to lower a monthly mortgage payment.
To lower your monthly mortgage payment, you may be able to do one or more of the following:
- Lower your interest rate – Locking in a lower interest rate can lower your monthly mortgage payment and may add up to significant savings in the long run.
- Ending private mortgage insurance (PMI) – If your currently paying PMI and your home has increased in value and/or you have enough equity, a home refinance can eliminate this costly monthly payment as long as you stay below 80% loan to value.
- Extending your mortgage term – Refinancing to a longer-term extends the life of your mortgage and can lower your monthly mortgage payment. Although your monthly payment may be lower, you’ll pay more in interest overall due to extending the life of your mortgage.
Refinancing to a shorter term.
Reducing the term of your mortgage can raise your monthly mortgage payment significantly. But in the long run a shorter term may be able to save you quite a bit on interest, allow you to lock a lower interest rate and own your home sooner!
A cash out refinance.
Depending on the amount of equity in your home, you may be able to refinance your mortgage and take cash out. Many homeowners take cash out to pay off high-interest debt, or to fund a renovation. The cash is tax free, and you decide how to use it.
Refinancing with a reverse mortgage.
Qualified homeowners age 62 and older may qualify for a reverse mortgage. Eligible borrowers can use a reverse mortgage to pay off a current mortgage and convert available equity into cash, a line of credit or payments. Although a monthly mortgage payment is optional, you must continue to maintain the property, pay property taxes, homeowners insurance and any HOA or condo dues. To learn more about reverse mortgages visit www.localreverse.com.
How can I get an estimate?
Mortgage rates are constantly changing. Our mortgage experts can recommend programs, terms and rates for your specific needs. Discover your options and get started today by connecting with a Home Loan Expert.