Dec 20 2019 37430 1

Dated: 12/20/2019

Views: 59

CONSIDER THIS: WHEN TO REFINANCE

Refinancing your mortgage is something most homeowners consider at least once throughout the lifespan of their home loan. It allows you to pay off your previous loan by applying for a new one that has better financial advantages. While there are many good reasons to refinance, here are five common ones.

  • Scoring a lower interest rate. The number one reason homeowners decide to refinance is to secure a lower interest rate on their mortgage. Not only does this save you money in the long run and decrease your monthly payment, but you can start building equity in your home sooner.

  • Using an improved credit score. Even if interest rates have not dropped in the market, if you’ve improved your credit score over the last few years, you may be able to reduce your mortgage rate.

  • Shortening the loan’s term. If interest rates are decreasing, there is a chance you may be able to get a shorter loan term with little to no change in your monthly payment, allowing you to pay off your loan sooner.

  • Switching from an adjustable rate to a fixed rate. If you chose an adjustable-rate mortgage with great introductory rates when you initially financed your home, that rate may increase significantly over the years. By switching to a fixed rate while interest rates are low, you can protect yourself from future increases.

  • Cashing out home equity. If there is a big purchase or payment on the horizon, such as funding a wedding or going back to school, your best option may be to use the equity you’ve built in your home to borrow money at a lower cost.

Blog author image

Team H and L Miami

Team H&L Miami @ Real Estate Empire Group is a fast growing boutique Real Estate firm established in 2001. It began to revolutionize property sales as well as marketing through brokers, agents, and an....

Want to Advertise on this Site?

Latest Blog Posts

Jul 10 2020 37430 1

Americans Rank Real Estate Best Investment for 7 Years Running [INFOGRAPHIC] Some Highlights Real estate has outranked stocks, savings accounts, and gold as the best

Read More

Jul 9 2020 37430 1

Not All Agents Are Created Equal In today’s fast-paced world where answers are just a Google search away, there are some who may question the benefits of hiring a real estate

Read More

Jul 8 2020 37430 1

Best Time to Sell? When Competition Is at an All-Time Low In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell

Read More

Jul 7 2020 37430 1

Taking Advantage of Homebuying Affordability in Today’s Market Everyone is ready to buy a home at a different time in their lives, and a health crisis or not, today is no

Read More