Given the fact interest rates have achieved a record low, now is the best time to consider refinancing a home. Refinancing is generally a great idea for people who have a 30-year mortgage and that’s because making the jump to a 15-year mortgage not only cuts the loan term in half, but it’s also quite affordable. In fact, there are many other Reasons To Refinance Home and below we’re going to take a closer look at the most notable ones.
Lower your interest rate
As previously noted, interest rates are extremely low at the moment, with thirty-year mortgage rates hovering above 3%, while fifteen-year loans come with an even lower interest rate. So if your property was financed at a much higher interest rate, now would be a great time to refinance it in order to reduce our monthly payments. In the long run, refinancing can save you tens of thousands of dollars and the good news is that gathering the necessary documents and filling out the necessary paperwork takes only a few minutes.
Cash out on home equity
Cashing out your home equity by refinancing your mortgage loan is definitely tempting. Under certain circumstances, it can even be a great financial move. For example, if you want to purchase an investment property, it may make sense to cash out a part of your home equity. It all depends on whether you can manage your debt responsibly and what you want to achieve.
Lower your payment
When you refinance a mortgage loan at a lower interest rate, you can significantly reduce your payment and save a lot of money in interest. On top of that, you can also save up to a few hundred dollars a month that you can then choose to invest or spend as you please. It’s true that refinancing does increase your loan’s term, but depending on your current situation, it can make sense to consider.
For the best refinancing terms, you may want to get in touch with HomeLoanAdvisor. Not only do they provide you with a free 271 point online home value report, but they can also help you refinance your house fast. Since they have the lowest possible interest rate on refinancing, you’re going to save tens of thousands of dollars in the process. Contact Home Loan Advisor today to get the best deals on refinancing your house!