Make Your Mortgage Work for You

Mortgages

Reasons to refinance your mortgage whether interest rates are low, high, or on the rise

Home is the place where family gathers, holidays are celebrated, and memories are made. Because of that, it takes a lot of time, energy, and money to locate the home that’s right for you and your family. So, once you’ve found that special place and your monthly mortgage payments are buzzing along, what reasons could you possibly have to refinance?

There are several reasons to refinance, many of which involve cashing-in on lower interest rates. However, what do you do when interest rates are on the rise? Here are some of the reasons why someone may choose to head down the road to mortgage refinance whether interest rates are up or down.

Lower the Interest Rate

Some people refinance their home to lower the interest rate. There are many economic factors that determine long and short-term rates and keeping tabs on them can help you decide if refinancing is right for you.

Shorten the Term and Build Equity

For some, paying down debt as quickly as possible is the main priority. And for those who have a mortgage, refinancing their home is one way to get it paid off faster. Instead of paying the standard 30-year mortgage homeowners can switch to a 15-year mortgage, get the home paid off, and build equity at a faster rate.

Change Loan Type

When purchasing a home, you can get an adjustable rate or a fixed rate. However, if you change your mind down the line – whether it’s because interest rates have changed or for personal reasons – you can choose an alternative option that fits your needs.

Cash-Out on Equity

For those who have homes that have appraised at a much higher value than they paid originally, or simply have built significant equity in their homes, borrowing cash against this equity is an attractive option. The amount you can cash-out will vary depending on several factors. For example, if your home is now worth $50K more than it was when you first got your mortgage, and you want to borrow $25k against your increased equity, you can. However, that $25K will be added to your refinanced mortgage, and your monthly payments will be adjusted accordingly.

Whatever the reason, our mortgage benefit offers fast and personalized lending and refinancing options. Learn more about mortgage refinancing with an alumni rate discount.

Source: Laurel Road

Learn more about Mortgage Lending.

Learn more about Mortgage Lending

RECENT POSTS

Will the Unvaccinated Be Able to Get Life Insurance?

Will the Unvaccinated Be Able to Get Life Insurance?

And will they pay more? Nearly all Covid-19 deaths in the U.S. are now among the unvaccinated.1 So, ...
Continue Reading
What’s the Best Age to Buy Long Term Care Insurance?

What’s the Best Age to Buy Long Term Care Insurance?

There is an optimal time to start thinking about long term care. Future costs for care should be ...
Continue Reading
Has Student Loan Debt Put Your Home Purchase Out of Reach?

Has Student Loan Debt Put Your Home Purchase Out of Reach?

Fortunately, there are options. If your student loan debt is causing you to postpone significant life events – ...
Continue Reading