Mortgage Rates fluctuate all the time. There are many factors that affect interest rates. It can be very beneficial to re-finance your existing mortgage with a new mortgage loan that may have a lower interest rate, a shorter repayment term, or lower monthly payments. There are several benefits for refinancing your existing mortgage loan such as:
Lowering your interest rate
You can get a lower interest rate that could save you thousands of dollars over the life of your loan with refinancing. With the right calculations, you could possibly reduce your monthly payments as well as the total interest over the life of the loan.
Changing the term of your loan
You can shorten or extend the life of your loan to suit your financial situation with refinancing. You can even convert your existing loan from an adjustable-rate mortgage into a fixed rate mortgage with fixed monthly payments that remain the same for added stability and consistency.
Consolidate your debt
You can consolidate multiple debts into one easy loan payment with refinancing. This can help clean up your finances by getting rid of high interest rate loans.
Free up your money
You can free up cash with a cash-out refinance loan from your home equity that can be used for life’s curveballs such as unexpected medical expenses, home improvements, or college tuition.