Why pay more than you have to? Why Refinance a Mortgage? Don’t miss your chance to take advantage of mortgage rates at their lowest in several decades.
Even changing the terms of your mortgage can maximize your monthly income.
Check out our Refinance Calculator to see how a new rate and term could lower your monthly mortgage payment. Or learn how refinancing with PMI Advantage can save you money and taxes.
Every day, we help Americans lower their monthly mortgage payment by refinancing. Contact us today and we’ll help you, too.
What Are The Advantages Of Refinancing?
One of the main advantages to refinance a mortgage regardless of equity is reducing an interest rate. Often, as people work through their careers and continue to make more money they are able to pay all their bills on time and thus increase their credit score. With this increase in credit comes the ability to procure loans at lower rates, and therefore many people refinance with their mortgage companies for this reason. A lower interest rate can have a profound effect on monthly payments, potentially saving you hundreds of dollars a year.
Second, many people refinance in order to obtain money for large purchases such as cars or to reduce credit card debt. The way they do this is by refinancing for the purpose of taking equity out of the home. A home equity line of credit is calculated as follows. First, the home is appraised. Second, the lender determines how much of a percentage of that appraisal they are willing to loan. Finally, the balance owed on the original mortgage is subtracted. After that money is used to pay off the original mortgage, the remaining balance is loaned to the homeowner. Many people improve upon the condition of a home after they buy it. As such, they increase the value of the home. By doing so while making payments on a mortgage, these people are able to take out substantial home equity lines of credit as the difference between the appraised value of their home increases and the balance owed on a mortgage decreases.
Refinance a Mortgage- Features and Benefits
- Changing Terms – Changing the terms of your mortgage can maximize your monthly income.
- Monthly Savings – Occur with improved credit score, increased home value, and low mortgage rates
- Low Rates – Take advantage of mortgage rates at their lowest in several decades.
- Nothing Out-of-Pocket – Costs associated are typically added to the total refinance amount
- Any Home – Regardless of the home, see if refinancing can be a good option for you
Ready to apply today?