Why Refinance A Mortgage?
There are many reasons you might consider refinancing your mortgage. The main reason to refinance is to save money by lowering your mortgage rate and your monthly mortgage payments. In some cases, if you refinance before your renewal date, you may have to pay a penalty. It is best to determine whether the potential interest rate savings outweigh the penalty.
Many people find that one of the most affordable ways to access their money is to draw on some of the equity from their home through a home equity line of credit. You may wish to borrow funds from your accumulated equity for things like home improvements, investment opportunities or even to consolidate higher interest debt. No matter what the reason, it’s always best to consult one of our licensed mortgage professionals to discuss the benefits and risks.
Many people are interested in consolidating high interest credit card debt, lowering their monthly payments and increasing their cash flow. Some people dream of taking elaborate vacations, renovating their homes or taking advantage of investment opportunities.
Refinancing your home and utilizing the accrued equity can be an excellent way to achieve this.