mortgage simple definition: Top Reasons to Refinance

Top Reasons to Refinance

Top Reasons to Refinance. How much does refinancing cost?

Top Reasons to Refinance video duration 2 Minute(s) 37 Second(s), published by Emerald Home Loans on 20 09 2019 - 19:35:28.

What are some of the Top Reasons to Refinance? #1 People choose to refinance to lower your interest rate also known as a rate term refi
#2
Consolidate high Do I get penalize if a mortgage company pulls my credit
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What are some of the Top Reasons to Refinance?

#1 People choose to refinance to lower your interest rate also known as a rate term refi.

#2. Consolidate high interest debt: If you have high interest debt on credit cards or personal loans, a cash-out refi could help improve your cash flow and help you save long term, even if you take a slightly higher mortgage rate.

#3. Eliminate mortgage insurance: If you have a mortgage with PMI, a refi can help lower your monthly cost. This is especially true if you have an FHA loan. To eliminate PMI homeowners can refinance an FHA loan into a conventional mortgage once they have 20% equity in their home.

#4. Lower your payment: Families on a tight budget may find refinancing provides relief through payments. This is achieved by extending the term of the loan.

Have questions? Want to see if refinancing is right for you? Contact me today and we’ll review your current mortgage and go over any questions you may have.