There are many reasons why refinancing your mortgage may be of benefit…
- Lower your rate and lower payment: Refinance rates are still near historic lows. Refinancing to a lower rate can lower your payment and save you money.
- Consolidate debt: Combine high interest debt into a single monthly payment that features a low fixed rate.
- Take cash-out from your home: If you need cash for home improvements, debt consolidation or for other purposes, a cash-out refinance is a great loan option.
- Shorten your term: Long term savings can be substantial when you refinance into a loan with a shorter term (typically 10yrs or 15yrs).
- Refinance out of an ARM (adjustable rate mortgage): If your current loan has an adjustable rate, you can refinance into a low fixed rate that will not change.
- Eliminate your PMI: Refinance options that allow you to get rid of your monthly PMI payment once and for all.