Refinance Your Mortgage to Better Fit Your Needs and Lifestyle
WHAT DOES IT MEAN TO REFINANCE YOUR HOME?
Refinancing your home is the all of the hype right now thanks to the Federal Reserve dropping interest rates at the beginning of March 2020 and then again mid month. All of this interest-rate shifting is in an effort to boost the economy in the middle of the coronavirus (COVID-19). Just because there are lower rates, does not mean it is the right decision for you. But one thing is for sure, with rates this low, it’s worth taking the time with The Sherry Riano Team to see what’s best for your situation.
Refinancing a mortgage means paying off an existing loan and replacing it with a new one. There are many reasons why homeowners refinance: to obtain a lower interest rate; to shorten the term of their mortgage; to convert from an adjustable-rate mortgage to a fixed-rate mortgage, or vice versa; to tap into home equity to raise funds to deal with a financial emergency, finance a large purchase, or consolidate debt.
Refinancing can be a great financial move if it reduces your mortgage payment, shortens the term of your loan, or helps you build equity more quickly. Tell us what you’d like to achieve, and our loan experts will walk you through the refinance process with the personalized guidance you need from start to finish. The Sherry Riano Team cares about your goals and ultimately will help you achieve them.
What Are Your Finance Goals?
+ Lower Your Monthly Payment
When market rates are lower than the present rate on your mortgage, refinancing may provide significant savings on your monthly mortgage payment.
+ Shorten Your Mortgage Term
You can use a refinance to shorten the term of your mortgage, which may allow you to pay off your mortgage sooner, or build equity faster. This may result in a slightly higher monthly payment, but you may also save money by paying less toward total interest over the life of the loan.
+ Stop Paying Monthly Mortgage Insurance
If you’re currently paying monthly mortgage insurance, refinancing may allow you to tap into your home’s equity to eliminate the need to pay this monthly expense.
+ Trade Your Adjustable-Rate Mortgage (ARM) For A Fixed-Rate Mortgage
If you have an adjustable-rate mortgage, refinancing to a fixed-rate loan can lock in a low rate for the life of the mortgage, which may result in a significant cost savings.
+ Convert Your Home’s Equity To Cash
Cash-Out Refinancing allows you to turn your home’s equity into cash. You might use the equity to pay off debts, fund a retirement plan, purchase an investment property, make home improvements, or cover the cost of other large expenses such as college tuition.