Did you know there are over 15 reasons why a refinance might be right for you?
Today, we’ll talk about the top 5 we see the most often.
Lower your payment: One of the more well-known reasons why someone may refinance. This is a major benefit!
Eliminate mortgage insurance: We’ve made
about this topic before, but it’s another great reason you may be interested in refinancing. If your home has grown some equity since you’ve purchased it, and you have mortgage insurance, refinancing to remove PMI may be the right move!
Pay off your mortgage early: With a refinance, you can re-structure your mortgage into one with a shorter life and with less interest. Win-win!
Restructure your mortgage: It might seem contradictory, but lengthening the term of your mortgage could have fantastic bonuses, like improving your cash flow.
Taking out cash: There are a lot of different sub-categories with a cash-out refinance. You could be paying off other debt, looking to make some home improvements, paying off a second mortgage, or consolidating other loans. You may be pulling out money to help with the purchase of a second home or vacation/rental property. You can even refinance to invest money in a new or existing business!