You may be hearing a lot of talk about refinancing your home loan lately, but what could a refinance mean for you? Here are 5 reasons refinancing might be right for you!
- You could lower your monthly loan payment
Refinancing to a lower rate could mean a lower monthly payment for you. A large change in rates could dramatically lower your monthly payment. Even is s change in rates may not seem like a lot the smallest changes can have a big impact. An extra, say, $20 a month seems miniscule, right? Well, that brings us to our next point….
- You could save on your total interest
Reducing your interest rate can have a significant impact on the amount of interest you pay over the life of your loan. Even saving a small amount each month could be THOUSANDS of dollars over the life of your loan.
- You could pay off your loan faster
Maybe you aren’t interested in saving more money per se, but paying off your loan faster is of interest. Refinancing can do that for you. If you’re ready to start building that equity faster, a refi may be for you.
- You could switch your home loan type
Have your circumstances changed since you took out your mortgage? Maybe your financial situation has improved and a 15-year loan is starting to look a lot better than the 30-year loan you originally took out. Or, perhaps, you have an ARM and a fixed rate is more appealing now. You can open up your options with a refinance.
- Say bye-bye to PMI
Tired of paying for private mortgage insurance? Refinancing may be able to make that payment disappear! If you have an FHA loan and 20% equity in your home, you may qualify to refinance into a conventional loan and eliminate your PMI.
Have another reason that you’re looking into refinancing? Or maybe you just have some questions on what refinancing could mean for you and your specific circumstances? Our qualified loan officers are here to help! Head to https://gohomeside.com/find-a-loan-officer/ to get started today!
This advertisement is not a loan approval or commitment to lend. All loans are subject to approval. Loan programs, terms, and conditions are subject to change without notice. Other restrictions may apply, call for details.