Think refinancing is only a way to get a lower mortgage rate? Refinancing can help homeowners accomplish other important financial objectives as well. Here are some of the other possible benefits of refinancing:
Cash out on some home equity. If you have enough equity, you may be able to tap it to consolidate debts or pay for home renovations.
Switch from an ARM to a fixed-rate home loan. If you plan to be in your home for a while, refinancing can get you out of an adjustable-rate loan and into a fixed rate one.
Combine a first and second mortgage. Some homeowners refinance to combine a first and second mortgage into one low-rate home loan.
Switch from a 30-year mortgage to a 10-year or 15-year home loan. Switching to a shorter-term home loan can help you pay off your mortgage faster.
Visit one of our convenient offices today to learn whether refinancing makes sense for you. Click here to get started.