Why Should You Consider Refinancing Your Mortgage?
If you plan to remain in your home for several years, there are a few good reasons to consider a mortgage refinance:
- Consolidating Debt - With a cash-out refinance, you can choose to borrow against the equity in your home. You may benefit from combining an existing home equity loan or line of credit, or other high-interest debt you have into one affordable monthly payment,. Quick Tip – Check with a tax expert to see if the interest is tax deductible.
- Reducing Your Term - Another a good reason to consider a refinance is to shorten the term of the mortgage. If you have a mortgage with a high interest rate (by today's standards), and a payment you can easily afford, consider refinancing into a shorter term. You may be able to pay off your loan in less time without changing your monthly payment much at all. Quick Tip - If you currently have a mortgage with HVCU, it can be MUCH more affordable to refinance - and stick with us. You'll only pay mortgage tax on new money above and beyond your current mortgage balance.
- Lowering Your Rate – If you missed out on the big refinancing boom in the last two years and are stuck with a high interest rate, refinancing your mortgage at a lower rate could save you hundreds each month. Quick Tip - If you’re thinking of refinancing soon, it’s best to move quickly so you can lock in the lowest possible rate.
Love Your Lender
At HVCU, we service all of our mortgage loans, including refinances. No matter what questions you have, or assistance you may need, we’re here to help. That’s not always the case elsewhere, as some mortgage lenders sell their loans to third-party providers, which can make it difficult to obtain information and support when needed. If you find yourself thinking about any of the above, now may be a good time to refinance. Speak with one of our Mortgage Loan Officers today and see if refinancing is right for you!
Speak with a Mortgage Loan Officer
If you would like to have one of our seasoned Mortgage Loan Officers reach out to you to discuss your refinancing options, please provide us the following: