When interest rates drop or market values rise, it's a good time to think about refinancing. When you refinance your mortgage you can get:
- lower interest rate - meaning you pay less in interest over the life of the loan if the term stays the same or decreases
- lower monthly payment - either by getting a lower interest rate, increasing the term of the loan, or a combination of both
- shorter term - this may mean higher monthly payments, but for mortgages it could save you significant interest over the life of the loan, and your loan will be paid off sooner
- extra cash - a cash-out refinance lets you borrow enough to pay off your old loan, plus a little extra
- a new type of loan - if you're unhappy with the type of loan you originally took out, refinancing can help you change that (ex: switching from an adjustable rate mortgage to a more steady fixed rate mortage)
Also, if you are considering a home equity loan or home equity line of credit (HELOC) to make repairs or renovations, or to help make tuition payments for higher education, now is an excellent time to compare rates. Start an application online or talk to a loan officer by calling/texting (814)946-0857. You can also email firstname.lastname@example.org with questions.