Millions of homeowners go through the mortgage refinance process every year because it reduces their housing expenses and saves the money. Don’t wait another day to maximize the benefits of being a homeowner by refinancing your home to consolidate debts, make improvements, or fund large purchases. HEM will help you locate competitive refinance lenders at no cost.
Mortgage Refinancing for Lower Payments
Interest rates can’t stay this low for much longer, and you don’t want to miss the era of historically low refinance rates forever. Whether you want to purchase your dream home or refinance your mortgage for lower monthly payments, the Home Equity Mart wants to help you find the right refinancing product for your family’s needs.
What is a Mortgage Refinance?
Mortgage refinancing entails replacing your existing mortgage with a new one, characterized by altered principal amounts and interest rates. The new mortgage essentially settles the outstanding balance of the old one, consolidating your debt into a single mortgage. Generally, the new mortgage features more favorable terms, such as a lower interest rate, compared to the original one.
Home refinancing is a procedure that homeowners undergo to modify the interest rate and/or terms of their existing mortgage. Essentially, it involves making adjustments to certain aspects of the mortgage. It’s important to note that refinancing differs from obtaining a second mortgage, such as a home equity loan or home equity line of credit.
Is It Smart to Refinance Your Mortgage?
Traditionally, the general guideline has been that refinancing is advisable if you can lower your interest rate by at least 2%. Nevertheless, some lenders argue that a 1% savings is a sufficient incentive to consider refinancing. It makes sense to speak with a trusted financial advisor before you commit to refinancing your home.
Can You Receive Funds When Refinance Your Home?
In a cash-out refinance loan, a new mortgage is obtained for an amount exceeding your prior mortgage balance, and the surplus is disbursed to you in cash. Typically, a cash-out refinance mortgage entails a higher interest rate or additional points compared to a rate-and-term refinance, where the mortgage amount remains unchanged.
Get a Free Quote today on a home refinance loan and find out if you are a good match to qualify for a mortgage that improves your finances!
Home refinancing becomes more appealing when interest rates decrease. Depending on the duration of your loan and your intended duration of stay in the home, opting to refinance your house at a lower rate may result in substantial savings over the loan term. If your credit has improved, you may not need to wait for rates to fall, as an enhanced credit score can qualify you for a lower rate through mortgage refinancing.
Securing a great rate now could be one of the best financial decisions that you’ve ever made. At Home Equity Mart, we realize the importance of feeling comfortable with your lending program, and we want to make sure that it is as efficient and rewarding as possible. Apply for a Mortgage Refinancing package today, and start on your way to realizing your financial dreams!