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Refinancing
Rate and Term - Refinancing to lower your
rate can save you thousands of interest dollars over the life of your loan.
Lowering your rate can lower your monthly mortgage
payment or reduce the number of years (term) of your present mortgage, or both.
You may refinance a 30 year mortgage into a 20 or 15 year. The lower the term the
better the rate. In both cases you will build your equity faster.
If you plan to stay in your present home only 5 more
years a 5/1 ARM rate may be best for you. This type of loan is fixed for 5 years and
you receive an outstanding rate. You will build your equity faster and owe less principal
and interest after 5 years leaving you with more cash when you sell your home.
Refinance with Cash Out -You may take cash
from the present equity you have in your home to purchase such things as Cars,
Boats, College Tuition, upcoming Wedding, etc.
The interest on these items are tax deductible as
where other financing on these items are not, saving you money.
You can use your equity to purchase an Investment Property
for that additional income or a Second Home for your family to enjoy for years to come.
Refinancing with cash out can provide the funds needed for
upgrading or expanding your present home. The money you invest will create immediate
equity. You will receive the benefit of a larger home without moving expenses or realtor fees.
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