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The Incredible Benefits of Refinancing Your Mortgage

The Incredible Benefits of Refinancing Your Mortgage

03/04/2021

Are you one of many Americans who could benefit from refinancing your home? It is estimated that 3 million borrowers could save at least $200 a month by refinancing. How? When you lock in a better rate on your loan, you could reduce your monthly payment and save thousands of dollars in interest on the life of your mortgage.

A lower interest rate also could allow you to build equity in your home more quickly. 

Refinancing is categorized in two ways, Rate and Term Refinancing and Cash-Out Refinancing.

  • Rate and term refinancing is when you pay off a previous loan and adopt a new one. Rate and term refinancing can be beneficial when you could reduce your interest rate or your loan term.
  • Cash-out refinancing is when you withdraw a portion of your home's equity in a lump sum of cash. For example, say you owe $100,000 on your home, but it's worth $300,000. Lenders generally require you to maintain at least 20 percent equity in your home after a cash-out refinance, so you could potentially withdraw up to $140,000 in cash.

With mortgage rates at an all-time low, now is the time to find out whether refinancing is right for you. 

  • Can you lower your interest rate? One of the main reasons people tend to refinance their mortgages is to lower their interest rates. Lowering your interest rate could save you a significant amount of money in interest and reduce your monthly mortgage payment. 

  • Can you reduce your terms? If you are in a better financial position than you were when you originally got your mortgage and can pay more monthly, maybe you can reduce the time it'll take for you to pay off your mortgage. Also, lowering your interest rate may allow you to reduce your terms with a payment you can afford.

  • Fixed-rate vs. Adjustable-rate mortgage update? Trading a fixed mortgage for an adjustable mortgage, or vice versa, can provide a way out of an unmanageable situation. If someone intends to adjust monthly payments to a budget, it is preferable to shift from the Adjustable-Rate Mortgage (ARM) to a fixed-rate mortgage. Fixed-rate mortgages can provide peace of mind by allowing borrowers to avoid unexpected shifts in interest rates. On the other hand, if someone is determined to pay off their debt quickly while interest rates are low, then a switch from a fixed-rate mortgage to an ARM can be a worthwhile decision. A change in the interest rate is a suitable opportunity for switching between fixed and adjustable mortgages.

  • Do you want cash-out? Do you have sufficient equity (the difference between the value of real estate and payable debt) in your home? If you are looking to decrease your interest rate, pay off excessive debt, or complete a home improvement project, this may be an excellent opportunity to get the funds at a lower rate than a personal loan.

A mortgage refinance decision, if made wisely, can accelerate the process of eliminating debt and can provide financial peace of mind. Can you benefit from refinancing your mortgage? Contact an Atlantic Mortgage Professional. They are ready to help.

 

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