Four Reasons to Consider Refinancing
Refinancing a mortgage—you may have heard of others doing this, but why? Isn’t this only something you do if you are in a financial bind? Actually, no. In fact, usually the best time to consider refinancing is when you are working towards a stable financial future. We’ve put together a list of four reasons why you might consider refinancing your current mortgage.
Reduce Interest Rate – Depending on your particular financial situation when you closed on your home; you may not have gotten the best possible interest rate on your loan. It could be that refinancing your loan will reduce the interest rate and save you money on the life of your loan.
Lower Monthly Payments – Another reason to consider refinancing your home is to lower your monthly payment. This benefit could be very important if you find it difficult to pay your mortgage each month. A lower monthly payment could make a big difference for you and your family.
Consolidate Debt – If you have outstanding credit card or personal loan debt, it may make sense to roll this over into your mortgage. Usually, the interest rate will be much lower, and you will only have the single payment to worry about paying each month.
Obtain Cash for Home Improvements – Another reason to consider refinancing is if you are thinking about improving your home. Maybe you need a new HVAC system, or you want to install a hot tub. Turning towards your equity could be the best way to pay for these upgrades or improvements.
You may not have realized it, but there are numerous reasons you may consider refinancing your home. If you have ever considered this option, why not talk to an expert? The refinance specialists at Liberty Financial would love to chat with you. Give us a call or contact us online today. We can’t wait to help you achieve your goals—through refinancing or with our other tools.