Mortgage Refinancing Can Save You
Money
The main reason to refinance is to save money by lowering
your interest rates and monthly payments. Refinancing a mortgage on a home is a
great choice for homeowners who are looking to save money on interest payments.
With a lower interest rate on the new mortgage, you will immediately have the
opportunity to make lower payments. You’ll find that you can lock in at a lower
fixed rate, or you may be able to secure a lower variable rate that might drop
even further in the future. Also, the new mortgage will save you money with the
principal amount that you end up repaying. With the new lower interest rate,
each payment you make will have a larger impact on the principal amount repaid.
Mortgage Refinancing Can Help You Pay
off Your Mortgage Faster
Refinancing your mortgage can be an ideal option for you if
you find yourself in a situation where you are making significantly more income
than you did when you first bought your home. Paying more on your current
mortgage each month is not always allowed. By refinancing, you can choose a
lower term to pay the mortgage off sooner.
Mortgage Refinancing with a Better
Credit Score
If you initially bought your home when your credit score was
poor, you probably paid the highest interest rate available to you at the time.
If you have rebuilt your credit score since purchasing your home, mortgage
lenders in Burlington can help you take advantage of lower interest rates
through refinancing. With a better credit score comes lower interest rates and
better mortgage terms.
Mortgage Refinancing Lets You Unlock
Equity in Your Home
One of the most popular reasons why people refinance is to
access the equity in their home to serve as collateral for a home equity loan
or a line of credit. This is a great way to fund home renovations or to make
essential big-ticket purchases. The interest rate is equal to the mortgage
rate, so borrowing from the equity in the home is a cost-effective financing
option available to homeowners.
If you are considering refinancing your mortgage, mortgage
lenders in Burlington can answer any questions you may have. Make an initial
free consultation appointment to
discuss your situation with a qualified mortgage specialist. Mortgage lenders
in Burlington will outline your options and help steer you in the right
direction.