You’ve purchased a home with a large backyard and all your pup wants to do is beoutside.But after the 10th time, you have to get up and open the door to let him or her in and out, you start
Consider This: When to Refinance
Dated: May 8 2023
Views: 9
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. 
Marilyn Johnson
As a realtor who has lived in the area for over twenty years, I bring a wealth of knowledge and expertise about buying and selling real estate here. Properties are not the same everywhere, so you need....
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