Top Reasons to Refinance Your Mortgage
- Lower Your Interest Rate
- Lower Monthly Payment
- Shorten Loan Term
- Remove FHA Mortgage Insurance
- Paying Off Balloon Payment
- Remove/Add Borrower
- Convert Loan Type (ARM to Fixed)
Cash-Out Equity for:
- Education Fund/Payoff Student Loan
- Home Improvement
- Consolidate Debt
- Business Investment
Before refinancing, it is important to calculate the break-even point—the time it takes for monthly savings to exceed the closing costs of the new loan.
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Another way to convert equity in your home to cash is a Home Equity Loan OR Home Equity Line Of Credit (HELOC). A Home Equity Loan OR Home Equity Line Of Credit (HELOC) is an alternative to Cash-Out refinancing if your home loan has a very low first mortgage rate compared to current interest rates or if you have a prepayment penalty on your loan.