Mortgage refinancing is becoming a popular financial remedy, especially for those who are burdened by large monthly installments or multiple debts. Mortgage refinancing can prove beneficial in several ways:
- It Helps you obtain a lower fixed rate
The interest on a fixed rate mortgage that you took several years ago may have dropped drastically. Refinancing the existing mortgage will entitle you to access the reduced interest rate.
- Convert an Adjustable/Variable Rate Mortgage into a Fixed Rate Mortgage
The interest rates on an adjustable or Variable rate mortgage (ARM) might be low initially, but the fluctuations are unpredictable. Many find these constant variations in the interest rate taxing and prefer to refinance the mortgage into a secure, fixed rate.
- Consolidating Multiple Mortgages into One
Paying the installments of two or more mortgages at the same time can be quite a burden for most individuals. The best solution in this case is to consolidate the multiple mortgages into one, with a fixed monthly interest rate and a longer repayment duration.
- Pay off other debts
The proceeds from your refinanced mortgage can be used to pay off credit card bills and other similar expenses. You will end up saving a considerable amount.
- Make cash provisions for emergency situations
You can refinance your existing mortgage to free a larger amount of cash, depending on your home equity. Since a mortgage is a secured loan, the interest applied is considerably lower than that of an unsecured loan.
I can help you decide whether it is the right time for you to refinance. The decision to refinance should be carefully evaluated to avoid any complications at a later stage. By carefully studying the status of your current mortgage and comparing it to your income and other debts, I can help you pick the refinancing solution that best suits your current financial status.
I can offer the lowest and most competitive mortgage refinance rates in the market. Regardless of your requirement, whether it is to consolidate existing mortgages or obtain a better rate, I get you the best deal possible. As an experienced mortgage professional who has extensive knowledge of the mortgage industry, I will provide the necessary guidance that you need in making the right decision.