Plus, if you get a lower interest rate, then you can pay more toward your principal each month, accelerating your progress! That means you’re saving more, investing more, and have more to give away. The sooner you pay off your home, the sooner you’re keeping every bit of income you earn to yourself. If you have a 30-year loan, mortgage refinancing can help you reduce your loan’s term and get down to that 15-year sweet spot. Cha-ching! Reduce your loan term and become debt-free faster. Chances are pretty good that at some point over the years, a better interest rate than your original one will become available. Whether you’re in a 15-year mortgage (what we recommend) or a 30-year mortgage, that’s a whole lot of time for the market to change. Why Would You Refinance Your Mortgage? That’s right, lock in that lower interest rate. That’s definitely one major plus! But there are actually a bunch of good reasons why you might want to refinance your mortgage. Easy enough, right?įor a lot of folks, refinancing is a way to lock in a lower interest rate. The new mortgage loan then takes the place of the original-so you should still have only one loan and one monthly payment. Mortgage refinancing is getting a new loan for your home or revising your home’s original loan. You’ll still have some really important things to consider and steps to take before you sign on the dotted line, but we’re here to walk you through all of it. Refinancing your mortgage isn’t nearly as labor intensive as when you first bought your home. If you’re thinking about refinancing your mortgage but your hand is still cramping from signing your home loan’s original closing documents, breathe easy.
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