Why Should You Consider Refinancing Your Mortgage?
While refinancing could save you thousands each year, it’s a big decision you should feel comfortable making. There are several reasons to refinance a mortgage, and most have to do with saving money:
- Lowering Your Rate - Refinancing your mortgage at a lower interest rate could save you hundreds each month. If you’re thinking of refinancing in the near future, it’s best to move quickly so you can lock in the lowest possible rate.
- Reducing Your Term - Many times people choose to refinance their mortgage because they want to pay off their loan sooner. 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 half the time without changing your monthly payment much at all. Quick Tip - If you currently have a mortgage with the credit union, 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.
- Consolidating Debt - With a cash-out refinance, you can choose to borrow against the equity in your home. You may benefit from a lower interest rate if you have a home equity loan or line of credit you would like to combine into one affordable monthly payment, or you have other high-interest debt to consolidate. Plus, it could even be tax deductible – just check with a tax expert to make sure.
Love Your Lender
At the credit union, we service all of our mortgage loans, including refinances. No matter what questions you have, or if you ever need assistance with your mortgage, we’re here to help. That’s not always the case elsewhere, as some mortgage lenders sell your loan to third-party providers, which can make it difficult to get information when needed.
If you find yourself thinking about any of the above, now may be a good time to refinance. In as little as 15 minutes, you could apply for a mortgage refinance and be on you way to huge savings!
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: