What are some reasons to refinance?
Refinancing is a popular action since the rates are at an all time low, these days. If you have the opportunity to refinance your interest rate to a lower rate or perhaps take out cash to make home improvement, the time is right to do it know.
1. Change your interest rate. If your rate is 1.5% above the current rates you should consider refinancing to lower your rate.
2. If you need to purchase a new roof for the home or make home improvements, this timing is perfect to get cash out providing you have the equity in the home to do so.
3. Perhaps you need to change the terms of the loan because the current loan terms are not as favorable as it could be as compared to when you got the first loan. Well, it may be time to change the loan term.
3. You may want to use some of the equity available in your home to use the money to pay for college for your child or perhaps invest in another property. These are often good reasons to use the equity in your home. LendPlus Financial can help you determine the amount of money you can get and under what underwriting guidelines and terms. Including rates!
4. Refinancing your home could be the best thing you could do if you have a terrible rate or need to adjust the loan term because of a job loss or other situation. Perhaps you have a 15 year mortgage and need to expand the amortization schedule out to 30 years to have a lower payment. This would be an example of a prudent reason to refinance.
You may have a reason to refinance your home that we have not heard of. Give us a call and let’s talk about it .