The decision to refinance your mortgage depends on your financial situation. Some reasons for refinancing include:
- Refinancing at a lower interest rate to lower your monthly payment*
- Converting an adjustable rate mortgage (ARM) to a fixed-rate loan
- Consolidating high-interest debt (credit cards, student loans) by using the equity in your home to obtain cash
- Refinancing to a shorter loan term to pay off your mortgage faster
- Refinancing to a longer loan term to reduce your monthly payments
*If you are refinancing to lower your interest rate, keep in mind that lender fees, title insurance and other refinancing changes will apply. The larger the spread between your current interest rate and the new interest rate, the faster your payback may be.
Call Freedom Mortgage to learn more about how you may be able to benefit from refinancing.