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 homes 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.
Refinancing a home mortgage can be a big decision for many homeowners. Your situation and needs change over time so why shouldn’t your mortgage? Now might be the right time for you to refinance into a lower-rate mortgage. You should take the time to consider the following questions to see if refinancing makes sense for you.
- Are you tired of your adjustable-rate that never seems to stop adjusting?
- Is Private Mortgage Insurance (PMI) getting you down when it doesn’t need to?
- Has the time come to save more money every month?
- Are mortgage rates currently lower than what your rate is?
- Will other financial opportunities present themselves as you refinance?
Refinancing is an easy way to solve many of your mortgage worries. Getting a lower monthly rate and paying less over the life of your loan just makes sense. At Lucero Team, we’re ready to find the right refinancing solution for you. Our staff of refinance experts will help you evaluate your mortgage needs and draft a refinancing plan that will save you money.