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Refinancing Your Home
Benefits of Refinancing
If your goal is to consolidate debt and increase cash flow, as well as lower your monthly mortgage rate that goal can become a reality through mortgage refinancing.
For the majority of homeowners their homes are the largest asset they will ever own, as such your monthly mortgage budget is probably your largest expense. Doesn't it make sense to use that asset as a tool to reduce your monthly budget and put more cash in your pocket? Refinancing your mortgage, and taking advantage of the equity in your home will enable you to do this.
Lower Interest, Translates to Lower Payments
At the time you purchased your home, the financial environment dictated interest rates. While certain factors, such as your credit rating and the amount of the down payment, influenced your interest rate, the single most important factor was the prevailing interest rates at that time. As we all know, interest rates fluctuate. The prevailing rates may be significantly lower now than when you originally purchased your home. If so by refinancing your mortgage when interest rates are lower you can lower your monthly payment putting more cash in your pocket.
Exchange an Adjustable Rate for a Fixed Rate
As interest rates increase, adjustable rate mortgages and (ARM's) increase as well. Perhaps you opted for an ARM because when you purchased your home your financial future was less secure, or you weren't sure how long you'd stay in your home. Now that you are financially stable and plan to be staying in your home for several years, it may be beneficial to swap that fluctuating adjustable rate for a fixed one. With a fixed rate mortgage you will have the security of knowing that your monthly payment will remain steady, regardless of the current market environment.
Another Refinance Plus: Say Goodbye to PMI
If you did not make a down payment of 20%, your lender may have required you to purchase Private Mortgage Insurance (PMI). As property values increase, the equity in your home may now be more than 20 percent. If you refinance, you will no longer need PMI. More cash in your pocket!
