Have you been pondering lately whether or not refinancing is the thing for you? Have bills you've been anxious to pay off? Looking to buy a new vehicle or take that dream vacation? With refinancing, all those objectives can be accomplished. All it takes to get started is one simple phone call or e-mail to a loan officer and you can be on your way to enjoying the benefits of home ownership!
Here are the top 5 reasons to REFINANCE!
1. Lower your payment.
If you plan to live in your home for a few years, it may make sense to pay a point or two to decrease your interest rate and overall payment. Over the long run, you will have paid for the cost of the mortgage refinance with the monthly savings. On the other hand, if you plan on moving in the near future, you may not be in your home long enough to recover the refinancing costs. Calculating the break-even point before you decide to refinance can help determine whether it makes sense.
2. Convert from an adjustable rate mortgage to a fixed rate.
3. Balloon payment is due.
Like adjustable rate mortgage programs, balloon programs are great when you want lower rates and lower initial monthly payments. However, if you still own the property at the end of the fixed rate term (usually 5 or 7 years), the entire balance of your mortgage is due the lender. In this situation, a mortgage refinance into a new adjustable rate mortgage home loan or fixed rate makes sense.
4. Remove private mortgage insurance (PMI).
Low down payment home purchase options allow homeowners to purchase homes with less than 20% down. However, they also usually require private mortgage insurance, which is designed to protect the lender from default. As the value of your home increases and the balance of your home loan decreases as you make your monthly mortgage payments, you may be eligible to remove your PMI the next time you refinance your home.
5. Cash out on your home equity.
Your home is a great resource for extra cash if you have equity. You can use the cash to finance your child's education, pay for home improvements, consolidate high interest debt, or take a vacation. With a cash-out mortgage refinance transaction, it's easy. And it’s even tax deductible.
Hi, my name is Dominique Harris, and I am a loan officer with The Mortgage Company. Please, if you are interested in refinancing, give me a call or e-mail me today. I will evaluate your current financial situation and get you on your way to the cash-out refi that you've been thinking of.
Dominique Harris
Loan Officer
The Mortgage Company
Cell: 916-342-1926
Fax: 916-669-8792
DominiqueHarris79@yahoo.com
http://www.sacmortgageco.com
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