Changing the terms of your mortgage can maximize your monthly income. With Refinance Home Now, our fast, powerful, and completely online way to get a mortgage, you can adjust your mortgage options to find the lowest payment possible.
LOWER YOUR PAYMENT
Refinancing your mortgage to take advantage of lower interest rates is one way to lower your monthly payment. A lower mortgage payment means more money for everything else in your life.
PAY OFF YOUR MORTGAGE FASTER
Making an occasional extra payment is a good financial sense and can help you pay off your mortgage much faster. Paying off your mortgage early helps build equity and can save you money in the long run.
GET CASH FROM YOUR HOME
Your home can be an excellent source of funds. A cash-out refinance can be a good idea if your home has gone up in value. Further your financial goals and enhance your life with a cash-out refinance.Getting Ready to Refinance?
Refinancing your mortgage is a great way to use the equity you have in your home. With a cash-out refinance, you refinance for a higher loan amount than what you owe and pocket the difference. Any proceeds you receive are tax-free.
Many homeowners use cash from their home to pay off high-interest credit card debt and student loan debt. You can also take cash out to finance home improvements, education or whatever you need. Since mortgage interest rates are typically lower than interest rates on other debts, a cash-out refinance can be a great way to consolidate or pay off debt. Additionally, mortgage interest is tax-deductible, but the interest on other debts usually isn’t.
When does it make sense to refinance?
Reasons for refinancing your mortgage include lowering your payment, shortening your term, or using the equity you’ve built up over time to get cashback out of your home. Whether it makes sense to refinance your home depends on a number of factors.
Do you have enough equity built up in your home? Are interest rates lower now than they were when you first got your home loan? Do you plan to stay in your home for many years?
Is Cash-Out Refinancing Right for Me?
Using the equity in your home is a great way to get quick access to cash, but it’s also important to decide whether a cash-out refinance makes sense for you overall. The most important question to ask is, “What are my goals?”
If you’re looking to use cash to fund an exotic vacation, cash-out refinancing may not be worth the potential long-term cost. However, if you’re planning to use the money to pay off high-interest debt or renovate your home, the monthly payment savings or home value might make long-term financial sense.
