1 / 10

Everything You Need To Know About Refinancing

Refinancing is the process of paying off your existing home loan by taking out a new loan on it. This allows you to get a low-interest rate, better repayment options, or access the equity of your home to get access to cash. If you are considering this as an option, the next step is to choose the right mortgage lender. Infinite Financial LLC, a mortgage company in Hawaii, not only offers refinancing options but also assists you well throughout the process.

hawaiimortgage
Download Presentation

Everything You Need To Know About Refinancing

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Everything You Need To Know About Refinancing

  2. Refinancing is the process of paying off your existing home loan by taking out a new loan on it. This allows you to get a low-interest rate, better repayment options, or access the equity of your home to get access to cash. If you are considering this as an option, the next step is to choose the right mortgage lender. Infinite Financial LLC, a mortgage company in Hawaii, not only offers refinancing options but also assists you well throughout the process. 

  3. Refinancing a home loan may offer many advantages, from lower monthly payments to cashing out on equity for home improvements. Furthermore, 2021 might be perhaps be the best year to think about refinancing. Interest rates are extremely low, and with thebest refinance rates in Hawaii, property owners can secure these low rates. Here are a few important reasons that will have you consider refinancing your home: 

  4. REDUCE YOUR MONTHLY PAYMENTS WITH REFINANCING • Get a reduced rate of interest compared to your existing rate. • Increase the term and decrease the interest rate of your loan, which will reduce your monthly burden. Let’s assume you have 10 years left on a 15 year mortgage. With refinancing you can get a lower interest rate, and cash out some of your equity. Remember that as a rule of thumb, you’ll have to pay between 1-3% of your loan amount for closing costs, so consider that before refinancing.

  5. CUT DOWN THE TOTAL COST OF YOUR LOAN In the case you are fine with the existing scheduled installment, refinancing your home loan with a shorter term and low-interest rate can conceivably save you a lot of cash in monthly installments. This can be an appealing alternative if your monetary circumstance has improved since you originally purchased your home—the more you are ready to pay every month now, the bigger the savings you will see once your home loan is cleared.

  6. PAY FOR HOME RENOVATION OR OTHER PROJECTS If you have been paying your home loan for a couple of years, you have probably developed a considerable value for your home, particularly given Hawaii’s unshakable real estate market, prices are likely to go higher. You can use this value by taking out another home loan that is bigger than your present home loan balance, paying it off, and utilizing the excess money for your needs. Home renovation and redesigning are typical needs to utilize cast-out refinance.

  7. PAY OFF DEBT FASTER Speaking of credit card dues and personal loans, if you have any debt that you are carrying balances on, then you can pay this off with your cash out refinance. The idea here is to refinance your mortgage slightly higher than your existing balance and use that extra amount to clear your debt that is chargeable at a higher rate of interest.

  8. Refinancing a mortgage can either be used to lower existing monthly payments to something more manageable, or to get some cash out on the value of equity of your house, which can be further used to pay your other bills. Ian Ho of Infinite Financial LLC is a renowned Mortgage Lender in refinancing, if you wish to consider your options then he is available to help. SOURCE CREDIT : https://mortgageloanhawaii.tumblr.com/post/650794979276521472/everything-you-need-to-know-about-refinancing

  9. THANK YOU FOR WATCHING

More Related