What You Should Know About Mortgage Refinancing
There are a lot of reasons to think about mortgage refinancing. Maybe you are looking for a lower rate, to pay off debt, or access to additional equity in your home. There are many options out there for homeowners of all types when it comes to mortgage refinancing. Here are some things that you should understand before discussing refinancing with your lender. Contact us to learn more.
Why Might You Be Looking for Mortgage Refinancing?
Lower Interest Rates
If you can refinance at a significantly lower interest rate, you could save thousands of dollars by the time your mortgage is paid off. If you are looking to refinance to save on your rate, make sure that your savings will cover the fees, like closing costs and penalties for breaking your current mortgage to be sure that refinancing is a good use of the financial tools available to you.
If you hold high interest loans or credit cards that are getting too much for you to pay off, you can look to your home's equity to help. Depending on the amount of equity you have and the amount of debt that you owe, you may be able to refinance and access some of that equity to pay down your high interest rate debt. Doing this will give you more time to pay down your debts and lower the interest rate on the debt that you hold.
A great way to get a personal loan or a home improvement loan is to borrow using your home's equity as collateral. Mortgage refinancing will allow you to access the equity that you currently hold in your home. When you refinance, you can sell the portion of your home that you own back to the bank for a lump sum of cash. This money can be used for whatever you need at the time.
Refinance Your Mortgage with Us
Mortgage refinancing can help to ease money worries on many fronts, including helping you finance that vacation that you have meant to go on, or that home improvement project you want to do. You can also save a lot of money in the long run with mortgage refinancing. If you are thinking about refinancing, sit down with us, and do the math. Call BMC Mortgage & Investments to get started today.