Freedmont Mortgage Guide to Refinancing a Home
When you refinance, you take out a new mortgage with more favorable terms, and use it to pay off your current loan.
Why should you refinance?
- Lower your monthly mortgage payment
- Save money for other uses
- Consolidate debt
- Build home equity faster
- Obtain money for home improvements
- Remove mortgage insurance
Most people refinance their mortgages to get a lower interest rate. But, a low rate is not the only reason you should consider:
- You want to pay off your mortgage more quickly
You may be able to shorten the length of your mortgage (say, from 30 to 15 years) while keeping your monthly payment at or near its current level. You could save thousands of dollars in interest.
- You want to convert from an Adjustable Rate to a Fixed Rate
Refinancing can allow you to change from an Adjustable Rate Mortgage into a Fixed Rate mortgage, ensuring a stable mortgage payment.
- You want a better Adjustable Rate Mortgage
An adjustable rate program may be available that has more favorable rates and terms than your current loan.
- You want to consolidate debt
If you have enough equity in your home, you can combine a home equity loan with your first mortgage to have one manageable payment. Or you can eliminate some other high-interest debt, such as credit cards or installment loans.
Our loan officers are trained to listen to your needs and carefully assess your financial situation. Ready to get started? Begin our application process online or call 1-800-955-8508 for a no obligation, free consultation