4 Reasons to Consider Refinancing Your Mortgage
November 4, 2019The Plains Commerce mortgage team aims to help customers reach their financial goals. Banks everywhere are advertising for great refinance interest rates, so now may be a good time for homeowners to consider taking advantage of this opportunity.
“No matter what your situation looks like, it’s always best to have a mortgage expert run the numbers for you. We’ll take a look at your financials and help you calculate the best mortgage solution for your long-term home financing success.” -Chris Vinson
To help determine if today's rates make sense for your financial situation, here are a few potential benefits of refinancing your mortgage:
Potentially Save Money
Lowering your rate can speed up the time it takes to build equity in your home, as well as potentially lower your monthly mortgage payment. If you can reduce your interest rate by a point or two, it may be time to talk to one of our mortgage bankers.
Shorten Your Loan
When you refinance, you may have an opportunity to replace your existing loan with a loan that has a much shorter term—without much change in your monthly payment. Imagine paying off your mortgage in half the time with a 15-year loan, rather than a 30-year loan!
Convert Your Loan
If you got into your existing home by taking advantage of the low rates offered by an ARM (adjustable-rate mortgage), you've likely experienced adjustments to your rate over time. Refinancing may allow you to convert to a lower fixed-rate mortgage, eliminating concerns of what future rate hikes may bring.
Tap Your Equity
It's common to refinance as a means to access the equity in your home to pay for a significant expense or home remodel, among other things. There are many factors to consider when doing this, and our mortgage bankers can help determine what's right for you.
Whether you think it's time to refinance, or are considering buying your first home, these rates won't last forever. Reach out to a Plains Commerce mortgage banker, and we would be happy to talk you through the process—no pressure.
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Conventional 15 year loan based on $200,000 loan, 20% of down payment, Adjusted origination fee of $2000 with 180 payments of $1809, 3.125% Interest Rate, 3.405% Annual Percentage Rate. Other Fees may apply, estimated taxes and insurance are included. Actual payments may be greater. All credit and loan products are subject to credit approval. Interest rate and Annual Percentage Rate is effective as of 06-14-19. Rates subject to change daily. This is not an offer of credit or commitment to lend. Financing shown for illustrative purposes only.