People refinance for a number of reasons. You might want to combine your first and second mortgages, you might want to get a lower interest rate or lower your monthly payment. You want to switch from an Adjustable to a Fixed-rate Mortgage, or to eliminate Private Mortgage Insurance (PMI). Perhaps you are just looking for some cash for home renovations. Refinancing allows you to redefine your mortgage loan to better fit your current needs.
However, there are many things to consider before deciding to refinance your mortgage. With so many options it's important to refinance the right way. At Aforma Financial Services we’re happy to show you all of your options so you can make the best decision on a refinance. If you would like to find out if a refinance is right for you then give us a call today at 800-884-8714.
Interested in Refinancing? Consider this…
Are you planning on moving soon ?
If you're planning on keeping your home for more than two years, then a refinance mortgage might be a smart option. Because a refinance loan usually requires closing costs, homeowners will usually recoup those costs in a lower monthly payment over the next year or two. Please contact us to see if a refinance works well for you.
Do you need to tap into the equity of your home?
For most people a home is their most important and substantial investment. History proves that home values increase over the long-run. If your home is now worth more than it was when you purchased it you can use a refinance loan to access that extra value and turn it into cash to pay for unexpected bills, college or to start a business.
Is it time to grow your home?
As families grow, homes can feel smaller. Refinancing your mortgage is a great way to pay for a home improvement project. The most attractive part of this is that a home remodel can increase the value of your home. This type of refinance can really pay dividends for itself!
Are the terms of your mortgage outdated?
It is more than likely that your situation is not exactly what it was when you first purchased your home. If that is the case, then maybe your mortgage terms need a little updating, too. Refinancing is a great way to switch from an adjustable to a fixed rate loan, or to shorten a 30 year fixed loan down into a 15 year fixed loan.
Don't pass up the chance to improve your mortgage situation today by calling our lending professionals to see if refinancing is the right for you.