Have you noticed that interest rates have gone down?
Curious about mortgage refinancing options on your home?
Would you like to switch into a different type of mortgage?
The answers to these questions will shape your decision about which type of refinancing option you want to pursue. Prior to deciding a course of action, you need to understand what the refinancing process involves. Your home is likely your biggest financial investment, which means you want to take care when choosing a lending institution and specific home mortgage terms. In addition to the benefits of refinancing, there may be additional costs that you will be responsible for.
When you choose to refinance your mortgage, you essentially pay off your existing home loan and get a new loan with different terms. It is important to know and understand all of the factors associated with refinancing. Breaking your current contract for a lower interest rate could save you cash over time, depending on the penalty and the size of your outstanding home mortgage.
When you decide to refinance, you could access approximately 80% of your home’s worth minus any outstanding mortgages. There are numerous methods to access this equity, including breaking your existing home loan, getting a home equity line of credit, or mixing and extending your home loan with your existing lending institution.
The interest rates on your home mortgage are tied to how much you pay on your monthly home mortgage — reduced rates typically suggest lower payments. You may have the option to get a lower price as a result of adjustments in the market conditions or due to the fact that your credit score has risen. Additionally, a lower interest rate might help you to build equity in your house quicker.
Simply contact our refinancing professionals today. At Blue Pearl Mortgage Group, we’re here to help!