Mortgage Refinancing and Mortgage Specialists in Burlington

 

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.

 

 

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.

 

 

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.

 

 

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.