Reasons to Refinance
It may be time to get a better loan. Switching from an adjustable rate mortgage to a fixed rate mortgage, locking into a lower rate, or refinancing with a better credit score than you originally purchased your home with are all opportunities to optimize your loan. What you may not know is these other benefits that our customers enjoy:
- Increase your long term net worth: A lower interest rate on your mortgage means you’ll save money over the lifespan of the loan, creating annual savings for you and your family.
- Increase short term cash flow: Often, a home mortgage refinance will lower your monthly payment, which allows you the freedom to spend the extra money elsewhere.
- Make purchases with less interest: Use your home equity (instead of credit cards) to finance expensive purchases and take advantage of lower interest rates. Many people use the extra cash to fund home renovations, save for a child’s college fund, buy a vacation home, or other big ticket items.
- Tax deductible interest: Your home mortgage loan interest is generally tax deductible. Always consult a tax professional for details.
Explore how refinancing can help with your financial needs, by visitng our Refinance Calculators section, where you can enter in your specific information and get a detailed analysis.