Ready to refinance your mortgage?

Even if you are happy with the terms of your mortgage and your monthly payment, refinancing can still be hugely beneficial, either by shortening your loan duration, lowering your monthly payments, or doing both at the same time.

Take Advantage Of Changes In The Market

The housing market is almost constantly in flux, and changes in interest rates are notoriously hard to predict. The same mortgage rate that seemed attractively low one year can look unreasonably high the next. This depends entirely on the health of the market. Every time the current mortgage rate drops, you have an opportunity to save money by paying less interest. Even small changes can add up considerably over the lifetime of a loan.

Shorten the Duration of Your Loan

Of course, refinancing out to 30 years isn’t only one option, and, while it might considerably lower your monthly payments, it might not be what saves you the most money overall. For example, if you have good credit and a stable financial situation, refinancing out to a shorter term, like 10 or 15 years, can lower your interest and shorten the overall duration of the loan. This can save you a considerable amount of additional money in the years after your loan is paid off.

Use Lower Payments to Pay Off Your Loan Sooner

If you do decide to refinance out to 30 years to give yourself lower monthly payments, you can still shorten the duration of your loan by continuing to make the same payments you were before. Say, with refinancing, you get your monthly payment lowered from $2,500 to $2,000. If you continue to pay $2,500 every month – something that is already in your budget – then you shorten the life of your loan by paying it off more quickly. This allows you to reap the benefits of both lower interest and a shorter loan – saving money on two fronts.

Get Started!

Ready to refinance?

home142We will walk you through the process. Click Get Started to begin today!

Get Started!
(855) 352-3772

Questions about refinancing? Call us and speak with a representative about your options today.

(855) 352-3772

Want us to contact you?  Setup a time for us to call you when it is convenient.

Request Mortgage Information

Don't have time to talk now but want someone to contact you later? Looking for information about mortgages? Fill out the form below and we’ll get in touch!
  • Please provide a short description of what we can help you with.
  • This field is for validation purposes and should be left unchanged.

Trending Topics