How Does Refinancing Your Home Work?
Refinancing your home is the process of getting a new mortgage
— and using that borrowed money to replace your existing plan.
Ideally, you want to obtain a better mortgage to reduce the interest rates and terms of your monthly payments. If you have an expensive home loan that you can’t afford to pay anymore, you may refinance it into a better loan option that accommodates you.
Home refinancing allows you to pay off the debt of your old loan,while securing a loan with better terms or features.
Here are some reasons to refinance your home:
1. It Reduces Your Monthly Payment
With a lower interest rate, you can get a lower monthly payment as well. It will not only reduce your interest rate, but it will also increase the rate at which you build equity in your home.
Refinancing can reduce your interest rate by up to 2%, which is a huge asset for your savings. Consult a professional today if you’re asking yourself, “Should I refinance my home?”.
We have been one of the Top 100 Mortgage Companies in America since 2012. Check out our refinancing program now!
2. It Shortens The Loan’s Term
If you have a 30-year home loan and want to refinance it into a 15-year mortgage, you will be able to build equity faster and clear your home sooner. The quicker you pay it off, the lower your interest will be, and you can save hundreds a year on your monthly payments.
The mortgage rate of a 15-year loan is much lower compared to that of a 30-year loan. Refinancing will enable you to shorten the term of your loan without increasing your monthly payment.
Refinancing your home has never been quicker and easier with us. Check out our mortgage pre-approval program if you want to earn bigger savings today!
3. It Allows You To Borrow Money
Refinancing your home may allow you to cash-out and borrow from your equity. It increases the opportunity to have funds for any purpose: buying a new car, traveling, paying your child’s tuition, home improvements, or any other personal reasons.
This can be the most cost-effective way to borrow money, since mortgage rates tend to be lower than any other type of debt. Cash-out mortgage refinance is also tax-deductible and can be a very easy transaction.
We’re here to make you eligible for a new home. Fill out this Mortgage form now and we will make any processes as easy as possible!
Home refinancing may be the solution for you if you want to increase your savings or own your home sooner. Ask for advice with an experienced loan professional to get started today!
If you want to know more about how refinancing works, consult the professionals of Golden Eagle Mortgage Group at (831)-636-5363 now!