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The cost of buying a home is going up. What’s behind the rise in interest rates? Is now still a good time to buy? WSJ’s Jason Bellini has “The Short Answer.”
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http://www.amerifirst.com/refinance-your-mortgage As a homeowner, you may have given a passing thought to refinancing, or maybe it hasn’t even crossed your radar. But, you may be curious to know – it just might be the right time to think about refinancing. Hi, I’m Crystal Smith with AmeriFirst Home Mortgage. Here we will go over 6 reasons why you might consider refinancing your home mortgage loan.
One, you can build equity faster. If you’re able to afford a slightly higher monthly payment … maybe due to a wage increase or some other good fortune, you might want to switch from a 30 year mortgage into a shorter term like a 10, 15 or 20 year loan. This would enable you to build equity faster, pay off the loan quicker and save you a lot of money on financing fees.
Two, you want to take advantage of the equity you’ve already built. A cash-out refinance allows you to tap into the equity you’ve already built up in your home by paying down the loan as the value increases. Maybe you want to pay off some credit card accounts, or send a child to college or possibly make some home improvements with the money. These are things that a cash-out-refi can help with.
Three, you may want to change your loan program. Sometimes a home buyer goes with a loan option only because it was the best option at the time, possibly due to cash on hand or other financial reasons. For instance, you might have gone with an adjustable rate mortgage when you first financed your home but now find you want to switch to the stability of a fixed rate mortgage. Or maybe you chose a low-down-payment option with higher monthly mortgage insurance. A mortgage consultant can assist you as to what loan program best suits your financial needs right now.
Four, your credit score has improved. You’ve been paying your bills on time and in full, so more than likely your credit score has risen. You now might be able to take advantage of a better credit score with other loan options, saving you money on interest fees paid over the life of the loan. Once again a mortgage consultant can help go over your credit score and guide you to the best option.
Five, you want to make some home improvements. Thinking of a new kitchen, adding another bathroom, or new energy efficient windows, or even new carpet and paint? All of these are great ideas, however you’ll need money to pay for the work. Well, you have a couple of refinancing options you can choose from. You could do a cash-out refinance and pay for the work with the cashed-out equity as we discussed earlier. Or you can refinance into the FHA 203k renovation loan to pay for all kinds of home improvements.
And finally, you might be able to lower your interest rate. Securing a lower interest rate is one of the top reasons for refinancing. This can make a big difference in your monthly out of pocket costs for housing and save you money on finance fees.
So, regardless of your reasons for wanting to refinance your existing mortgage, AmeriFirst Home Mortgage is here to help you. Our mortgage consultants can assist you in making a decision that best works FOR YOU. So we can say Welcome Home.
AmeriFirst Home Mortgage 950 Trade Centre Way, Suite 400 Kalamazoo, Michigan 49002
AmeriFirst Home Mortgage is a home buyer’s resource center and community mortgage banker. We focus on educating homeowners and home buyers in the details of the housing market and more.
AmeriFirst Home Mortgage is a division of AmeriFirst Financial NMLS ID 110139 | Equal Housing Lender
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Refinancing your mortgage on Real Estate 101. Ewa Zaba of Centum Way2Save discusses the process of refinancing, and how to get the best interest rates on your mortgage.
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How To Refinance Your Mortgage & Lower Your Interest Rates
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