Refinance Reason #1
The No. 1 reason to refinance is to get a lower mortgage rate. Despite sinking rates, a lot of people haven’t refinanced. However, with the recent increase in values, now would be a good time to check if you qualify.
Refinance Reason #2
If you have concerns about inflation and the potential for pushing up interest rates, now may be a good time to review your adjustable rate mortgage and determine if it is in your best interest to secure a fixed rate mortgage. At a minimum, we should review your adjustable rate mortgage to determine if another adjustable rate mortgage is in your best interest before your existing mortgages starts adjusting. By doing so, you can extend your lower rate for another 5, 7 or 10 years depending up on the ARM that works for your situation.
Refinance Reason #3
You would like to take advantage of the low rates on your equity in your home to take cash out and consolidate your debt. Some homeowners want to combine their first mortgage with the home equity line of credit. Even if your home equity line of credit is only 3 percent, it may be worth refinancing and securing a fixed interest rate because typically the home equity line of credit has a variable interest rate.
Refinance Reason #4
One thing that’s a trend now is that people are taking money out to purchase other properties. Refinancing to buy property can bring up unexpected tax and mortgage underwriting issues. A lot depends upon how the refinanced house and the new property will be used. Please call to review your situation and we can help you determine how best to purchase additional properties.
Refinance Reason #5
Divorces often lead to the need to refinance as a means of removing the absent former spouse from the note. As a service, we offer free consultation on how a potential divorce my impact your mortgage and your ability to refinance or purchase another home. Please call if you have any questions.