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Get a Fresh Start When You Refinance Your Mortgage
If you’re looking to optimize you monthly payments on everything from college loans to credit cards, or to stretch your income a little further each month, then it may be time to consider refinancing your mortgage plan. There are two basic ways to accomplish this. You might switch from a fixed-rate, in which the interest rate you pay doesn’t change from year to year, to an adjustable-rate loan (ARM), in which the interest rate your pay to depends on the market; or you may do the reverse and switch from adjustable to fixed-rate payments. The alternative is called a “cashout” refinance, in which your pay off all of your old loans and take out new ones. Why does this make sense? Over time, the interest you pay on the original loan gets compounded, meaning that you start to pay interest on the interest you owe. New loans can give you a fresh start. When lenders consider your morgage refinancing application, they look at factors like current balance, monthly payment and the remaining number of monthly payments over time to determine how best to work together with you. Submit the form above to acquire your own mortgage consultant to help you get started with the mortgage process and explain which is the right type of "refinance mortgage" for you.
Refinancing Gives You the Power to Determine Where Your Money Goes
Refinancing your mortgage can mean a number of different things depending on the results you seek. You may wish to combine your first and second mortgages into one payment to a single lender. This type of consolidation can also open up other options if you look to borrow against your home in the future. Perhaps you have a 15-year fixed rate mortgage and would like to increase your disposable income by stretching those 15 years to 30. Be aware, however, that many lenders change extra fees for early and unscheduled payments, so even if you find you have a little extra cash on hand and want to pay extra one month, you may find that there are disadvantages to doing so. In general, always ask your mortgage consultant for advice before paying anything outside of the agreed schedule; he or she will be happy to clarify. You can also refinance to consolidate other debts and pay them off and, under certain circumstances, to rid yourself of mortgage insurance completely. Though the decision to refinance mortgage is a major one, it is an excellent opportunity for homeowners to get everything they can out of their biggest investments – their homes.
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