should I refinance my house?
Refinancing a mortgage means paying off your existing mortgage and replacing it with a new home loan in order to save money, consolidate debt or get cash.
Possible Benefits of Refinancing:
- Possibly lower your monthly mortgage payment by decreasing or eliminating mortgage insurance
- Consolidate debt
- Use your home’s equity to generate additional cash (e.g. for tuition or vacation)
- Lower interest rate and lower monthly payment
- Change the term of the loan for monthly savings or shorten loan term to build equity faster (higher monthly payment)
- Improve your credit and your monthly cash flow
Note: By refinancing an existing loan, the total finance charges may be higher over the life of the loan. Always consult with a tax adviser concerning tax implications of your mortgage.
Contact a Trulend Mortgage Loan Officer today to see if refinancing your mortgage makes sense for you!