Lower your Payment
OK so you bought your home many years ago and you’re wondering if there’s a way to save money. Of course, there is! Well it depends on your current situation. As a rule of thumb, it’s always smart to find ways to save money. Many Americans don’t practice this and usually lose out on opportunities that can save them a significant amount of money. Let’s talk about different ways you can save money by refinancing today:
- Lower your interest rate– this is the most common reason to refinance your home. When you bought your home, or refinanced your home last, there may be lower interest rates available compared to what you currently have. Do you know if you have the lowest interest rate?
- Remove PMI– many homeowners who bought their homes in the past 5 years bought a home with less than 20% therefore they have Private Mortgage Insurance also known as PMI. PMI is very expensive and is NOT tax deductible. If you are one of these homeowners and have at least 10% of equity in your home now, you should seriously consider refinancing to remove your PMI. This will lower your monthly payment significantly.
- Fix your ARM– that may sound funny but those that are paying higher payments aren’t laughing. Many people who bought a home with an Adjustable Rate Mortgage, also known as an ARM, have had rate adjustments. This means that the originally rate that you had is no longer fixed and can go up every six months. If this is your situation, you should refinance into a fixed rate mortgage to stop the bleeding.
- Stretch out your loan– if you bought your home many years ago and your payment has gotten tight due to retirement our lack of income, one way to save money is to re-amortize your loan. By refinancing your loan, your monthly payment will go down.
These are great ways to save money. We are experts when it comes to lowering your payment. If we feel like your loan is better than what we can offer, we’ll let you know. Call us or apply today to see how we can save you money!