Refinance
Interest rates are currently still near historical lows. You can take advantage by locking in a low interest rate now before rates rise again.
There are two basic types of Refinancing:
- Rate and Term Refinance - Get a lower interest rate and payment
- Cash Out Refinance - Use the equity in your home to get cash in your hand
Common reasons for a Rate and Term Refinance:
- Change from an Adjustable Rate to a Fixed Rate Loan before interest rates rise again
- Take advantage of lower interest rates
- Lower your monthly payments
- Pay off your loan faster
Common reasons for a Cash Out Refinance:
There are times when you need a cash flow influx. The equity in your home is often the best option.
- Consolidate Debt - Get rid of high interest rate payments such as credit cards, eliminate student loans, pay off car loans
- Eliminate your second mortgage
- Other - Home improvements, children's college... Use your cash in hand as you choose
