Have interest rates dropped since you took out your original mortgage on your home? Are there other features of your home loan which you wish were different? If so, one solution you might want to consider is a refinance of your mortgage to suit your needs.
There are many different circumstances where a home refinance could make sense. Below are some examples. Perhaps one of these describes your situation.
Interest rates are no longer as high as they were when you took out your home loan, but you are continuing to pay those higher rates with no relief in sight. With a refinance, you could switch to paying today’s low interest rates and save a lot of money.
Did you start out with an adjustable rate mortgage (ARM), and now wish that you had a fixed rate instead? Through a refinance, you can make it happen.
You can also refinance to achieve the reverse, going from a fixed interest rate to an adjustable rate instead.
Need to reduce your monthly mortgage payments? Try refinancing to a longer long term, giving yourself the time necessary to pay off your loan without straining your budget.
If you are going to be hit with prepayment penalties for paying off your mortgage early, get around those unwanted fees by refinancing to a shorter loan term.
Want to negotiate other terms of your mortgage? This is something else you can do with a refinance.
Finally, if you have debts to consolidate, consider refinancing to do so.
What do lenders consider when deciding whether to grant you a refinance?
Your credit score and debt-to-income ratio.
Your employment status and history.
Your home equity.
Other details of your financial life.
If you are no longer satisfied with the terms of your existing mortgage, it is time to get a home loan which fits with your financial goals. To get started applying for a refinance or to ask us any questions you have, please give us a call today at (480) 470-1080, and we will schedule you for your refinance consultation.
Barrett Financial Group LLC 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.