Refinancing your mortgage can help you accomplish many goals,
such as save you money or get you cash, while also improving your
quality of living. Many homeowners choose to access the equity in
their homes to receive cash for home improvements, to pay for
college tuition, to buy a new car, or any other high-cost
purchases, but there are a number of other benefits that
refinancing can offer.
Lowering your current rate is one of the most traditional forms
of the refinance transaction, and has become even more common in
the recent years with historically low interest rates.
Shortening the term of a mortgage is another popular
transaction. Paying off a mortgage loan in a shorter amount of time
can save you several thousand dollars over the length of a
Refinancing may also give you the option of lower monthly
payments, so that you have more cash available. Lowering your
monthly payments usually depends on your current interest rate and
the amount of equity in your home.
Debt Consolidation is quickly increasing in popularity, as
homeowners include their high-interest debt in their new loans.
This approach can allow you to clear up debt while enjoying tax
benefits (please contact your accountant for details).