Have you purchased a home in recent years? If so, you might want to consider a mortgage refinance. Even if you are happy with your current loan terms, you still might benefit from a mortgage refinance. Today we are going to take a look at several reasons why refinancing your home just makes practical sense. Here’s what refinancing your mortgage can do for you:
- It will lower your payments – We all could use a little extra cash in our bank accounts. Home refinancing is a great way to do so. If you have been paying on your home for a while and have built up equity, you just might be able to get a lower interest rate. This will not only save you money each month, but you will pay less for your home in the end.
- You will be able to use your equity – Does your family need a new car? Maybe you want to take that dream vacation but you simply lack the funds? If so, you just might be able to cash in the equity in your home for some cold hard cash by refinancing your home.
- Change your loan terms – Are you stuck with an adjustable rate loan? When interest rates are down this is fine, but when they are high you have to pay the difference. So why not think about refinancing your loan and get a fixed interest rate. Then you will never have to worry about your rate going up and down again.
- Help pay off your loan faster – Maybe you have gotten a major raise over the last few years and want to pay off your home quicker. By refinancing your mortgage for less years, you will be able to achieve that goal much faster.
- Fix your credit issues – Do you have a ton of credit card bills that have high interest rates? If so, you should think about refinancing your home and consolidate your credit cards. This will save you a ton of money in the process!
For more information about mortgage refinancing, contact the experts at Edmonton’s Sky Financial – The Mortgage Centre today.