Is your mortgage still ideal for your needs, or are there changes you would like to make?
Refinancing your home loan could be in order.
When you refinance your home loan, you have the opportunity to:
There are many scenarios where refinancing a mortgage may be appropriate. Let’s look at a few examples.
Your credit score is higher than it was when you took out your loan, your income has increased, or your DTI ratio has gone down. This might open the opportunity to refinance to a more competitive mortgage.
You have had sufficient time to boost your home equity to the point where you could stop paying MIP or PMI if you refinance.
You need to reduce your monthly payments after your income has decreased. By extending your loan term, you can do so.
You have been paying an adjustable rate on your mortgage, but now want to switch to paying a fixed, predictable rate.
You have been paying a fixed rate, but have recently made the decision to move out of your home sooner than you expected. With the introductory rate on an adjustable rate mortgage, you could save money for moving, so you want to refinance.
You want to consolidate your loans.
You need a lump some of cash, for example for home upgrades. With a cash-out refinance, you can remove some of your home equity as cash.
While refinancing is one way you can make changes to your home loan, it may not be your only option. We can discuss all of the possibilities with you during your mortgage consultation. Our goal is to find the way to help you minimize the cost and maximize the benefits.
In fact, after we review all the factors at work in your scenario, we can help you to calculate how much you can expect to save if you refinance.
Lake Mortgage is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.