Why You Need to Consider Refinancing

Everyone's mortgage situation is different, but if you got your loan in the last few years, there's a real chance you're carrying a higher rate than you need to. Millions of homeowners bought or refinanced when rates were near their recent highs. When the market moves below your note rate, even by a little, a refinance review can save real money. And rate isn't the only reason to look.

If You Bought When Rates Were High

The most direct way to save is refinancing to a lower rate. If you closed your loan when rates were near their peak, you don't need rates to hit historic lows for a refinance to pay off. You need them below YOUR rate by enough to cover the costs in a reasonable time. That math is different for everyone, which is why we run it for you instead of quoting rules of thumb. If you haven't had a mortgage review since you closed, it costs nothing to check.

Don't want to watch the market yourself? That's what RefiRadar is for. Tell us the rate that would make a refinance worth it for you, and we'll keep an eye on it and personally reach out when it's in range.

Adjustable Rate Mortgages

If you've got an Adjustable Rate Mortgage that is approaching its adjustment period, it's worth reviewing your options before the rate starts moving on its own. You could lock in a fixed rate for the long haul, or move to another ARM if you don't plan on keeping the loan for an extended period. The right answer depends on how long you plan to stay in the home.

Short Loans vs Long Loans

Perhaps you'd like to move to a shorter term. If you've got a 30-year term and move to a 15-year term, you'll most likely have higher monthly payments, but you'll pay off your loan much faster with lower interest overall. We also offer flexible term lengths, meaning we can get extremely precise with how we structure your mortgage. So if you're planning on retiring in 22 years, we can get you a 22-year mortgage.

On the flip side, if your payments are hard to meet, moving to a longer term can lower the monthly payment and take some pressure off your budget.

Drop Your Mortgage Insurance

Home values have risen substantially over the past several years. If you bought with a low down payment, your equity today may be far higher than you think, and depending on your loan, a refinance (or sometimes just a review) may reduce or eliminate your monthly mortgage insurance.

Cash Out Your Mortgage

There are also situations where a cash-out refinance makes sense, like consolidating higher-interest debt or funding a big project. This option is conditional on a few things and isn't available to all borrowers. You'll need a fair bit of equity, and the rate may differ from a regular refinance. Depending on what you're paying elsewhere, it can still be the most cost-effective way to get cash in hand. If you want to keep your current first mortgage rate untouched, a HELOC or 2nd mortgage may fit better.

Mortgages go far beyond your house. We're here to help analyze all your options and leverage your assets to meet your goals. Whether that's aggressively paying off your loan or simply finding the lowest cost path, we've got you covered.

Contact us today to review your mortgage!