Refinancing: More than a lower rate
December 13th, 2014
Refinancing is a great way to get a lower mortgage rate. But there are other benefits to swapping out your home loan for a new, lower-rate one. Here are a few to think about:
Trade out an ARM. If you plan to be in your home for a while, refinancing can get you out of an adjustable-rate loan and into a fixed rate one. You could also refinance into another lower-rate ARM.
Combine two loans. Some homeowners refinance to combine a first and second mortgage into one low-rate loan.
Cash out on some equity. If you have enough equity, you may be able to tap it to consolidate debts or pay for home renovations.
Want to learn more about the benefits of refinancing? Give us a call to discuss all of your options.