The home loan process is something that most homeowners go through at least once. When it comes to refinancing your home mortgage loan, is it worth it to go through the process again? The answer is yes, with some caveats. Refinancing can certainly be beneficial, but it’s not always a good idea for every borrower.
To help you understand whether refinancing might be prudent for you and your family, we’ve put together a quick primer.
Who is a Good Candidate for Refinancing?
For those seeking a bottom line answer, here’s what we’ll tell you: if you’re looking to lower your current interest rate, consolidate debts or obtain cash from your equity, it may be a smart move to refinance.
The Benefits of Refinancing
Specifically, refinancing might help you achieve the following benefits:
-Help you reduce your monthly mortgage payments
-Help you land a lower interest rate
-Enable you to eliminate your need for private mortgage insurance (PMI), which can be a significant expense all on its own
-Decrease your loan term (e.g., from 30 years to 15) and get your loan paid off more quickly
-Turn home equity into cash, which can be used for home improvements
-Pay off or consolidate debt
Are You Ready to Refinance?
If any of these benefits sound good to you, we encourage you to ask us about refinancing. We’d love to help you determine whether it’s a good move for you and guide you through the process. It all starts when you initiate a conversation with Loan Fleet’s loan professionals. Reach out to us to start the dialogue today.