6 Reasons Why You Should Refinance

1. Get Started November 2019 6 Reasons Why You Should Re몭nance. Back to blog There are many reasons to consider re몭nancing your current Mortgage (and many of which can be to your bene몭t). We’ve created a list of some of the most common (and some of the best reasons) to Re몭nance. Lowering monthly payments Perhaps you’ve gone over your budget and realized you’d be more comfortable with paying less monthly. This is where Re몭nancing may get a chance to shine! By shopping around for a better Mortgage (weighing-out costs & rates) you can save big bucks monthly! There are different ways to save Re몭nancing: consolidating debt, obtaining a Lower Mortgage Interest Rate and/or APR or changing the term (timeframe) of the loan. When going over your options, it’s important to look-into the Equity in your home and your LTV (Loan-to-Value Ratio). If your Equity has gone-up you may be able to get a better Mortgage Interest Rate. Also, if you have more than 20% equity in your home, and you’re currently paying PMI (Private Mortgage Insurance) it’s possible to Re몭nance without the PMI. The “great” Mortgage Interest Rate on your ARM is about to expire

2. You got a “great” Mortgage Rate when you agreed to take out an adjustable-rate mortgage (ARM) but now the Rate is about to end; and with a 몭uctuating market, who knows if the change will be for the better, or for the worse. Before you get stuck paying more than you have to… shop around for a better Mortgage Interest Rate and, better yet, go for a 몭xed-rate loan. (You can get a much lower rate and keep that rate for the life of the Mortgage.) Your credit score went up! Congrats on the better score(s)! Now it’s time to get out there and compare. With better credit, you may qualify for a better mortgage rate on a brand new shiny Mortgage.  This can equal less Monthly Mortgage Payments allowing the grip on your wallet to become a little looser. You can also improve your credit more; by lowering your monthly payments, it can make it easier for you to make payments thus furthering the positivity associated with your credit score. You need cash! Uh-oh… something’s come up and you need cash. The good news is that, if you have equity built-up in your home, you may be able to take cash out of your Equity. Here’s how it works… Let’s say you currently owe $200,000 on the mortgage but your home is worth $300,000- this means you have $100,000 in equity. But let’s say out of this $100,000 you only need $50,000 in cash. You can actually take $50,000 cash from your Equity. This means that the new Mortgage amount would be $250,000. By re몭nancing with a cash-out option, you can use the cash from your equity to pay off some of your Debts (that fancy wedding from a few years ago, credit cards, student loans, auto loans, etc.), or use that money for other situations (home improvements, home repairs, medical bills, auto repairs, etc.). Payoff your loan sooner with higher Monthly Payments Looking to get out of Debt sooner? There are a couple of ways to do this with a ReFi. One way is to make your Monthly Mortgage Payments higher in order to pay off the loan sooner, and also save money on Interest Payments. To do this, you may need to change the term of the loan; shortening the life of the loan. Or, you can speak to a Mortgage Lender about increasing the amount you’re currently paying back on your Monthly Mortgage Payments.

3. Consolidate your debt   Want to make paying back your debts more streamlined (and possibly cheaper)? By re몭nancing to consolidate your debt, it’s entirely possible! By rolling all of your other debts (or at least some of your other debts) into your Mortgage, you can just pay one lump sum every month at the same Mortgage Interest Rate. This means if you’re able to shop around, and you 몭nd a better rate than what you’re currently paying back, you can save money monthly while also making getting out of debt easier on yourself. If you want to 몭nd out how re몭nancing your mortgage can bene몭t you, speak with a Mortgage professional here. Click Here For Today’s Mortgage Interest Rates. Financial Tips Share post: Re몭nancing Was this article helpful? Yes No 2 out of 2 found this helpful Related posts November 2019 December 2016 You’re Locked-in, But Don’t Worry… Tim Waller’s The NJ Real Estate Show Interviews Get A Rate’s Nick Marenoski Perhaps you’ve heard the term “Lock In” regarding

4. Mortgage Interest Rates. It sounds like a big, and pe... The NJ Real Estate Show, a weekly radio show hosted by real estate veteran Tim Waller, sat down with Get... Buying a Home Financial Tips Buying a Home Re몭nancing Financial Tips November 2019 November 2019 Your DTI When Re몭nancing… Let’s Prepare for a ReFi! Getting ready for a ReFi? Don't panic! Let us help you get prepared by looking over out Preparing for a ... So you’re about to Re몭nance your home- nice! There are many things to consider before moving forward. Most... Financial Tips Financial Tips Re몭nancing Tools Purchase Calculator Re몭nance Calculator Affordability Calculator Rent vs Buy Calculator Credits / Points Calculator Programs

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