If interest rates today are lower than what you are currently paying, you might be wondering whether now is the right time to refinance your home.
If you are eligible, refinancing could save you money every month. But did you know that the benefits of refinancing can go far beyond a lower mortgage rate?
Here are a few key advantages of refinancing your home:
Here are some scenarios where it could be an ideal time to refinance your home loan:
If your credit score has improved or you have a more competitive borrower profile for other reasons, what you qualify for today could be significantly better than what you qualified for when you took out your original home loan.
If you have an adjustable rate mortgage which has been getting more and more expensive, you can switch to a fixed rate mortgage to prevent further ballooning.
If you will not be in your home for more than a few more years, you could switch from a fixed rate to an adjustable rate to take advantage of the low introductory rate for the remainder of the time you will be in your home.
Still paying for mortgage insurance? If you are eligible for a loan now which does not require it, you could save significant money going forward.
If your income has decreased or you are struggling with higher bills, you can lengthen the term of your loan to reduce your monthly costs.
Sometimes, refinancing your mortgage to get rid of the prepayment penalty can save you money if you will be paying off your home loan early.
Have other debts that you want to consolidate? Reduce the interest you are paying and simplify your financial life by consolidating when you refinance.
During your consultation, we can help you figure out what kind of savings you might be eligible for and what benefits you could look forward to by refinancing your home loan.
Whether you are located in Arizona, California, Colorado, Oregon, or Washington, we would love to help you refinance your mortgage to one which is ideal for your needs. Please give us a call today at (623) 432-1309 to get started.
Desert Springs Mortgage, LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.