Looking for better interest rates? Need cash for home renovations or debt payments? Want to keep your payment from rising with an adjustable rate mortgage? These are all great reasons to refinance your home. At Money Street Mortgage, we’ll help you get the best rates and favorable terms for your new loan, and you’ll breathe easier with your financial burden lifted.
Refinancing gives you more financial freedom by changing your payment, giving you access to your home’s equity, or reducing your interest rates. Here are some of the most popular reasons to refinance:
- Lower Payment—Refinancing at a lower interest rate will decrease your monthly payment.
- Avoid Rising Payments—If you have an adjustable rate mortgage, your payment may increase as interest rates rise. You can avoid this increase by refinancing to a fixed rate mortgage.
- Avoid Balloon Payments—Balloon programs offer 5 or 7 years of low interest rates, with the remaining loan balance due at the end of the term. Refinancing to a fixed rate or adjustable rate mortgage avoids this balloon payment.
- Get Cash Out of Your Home—If you want to tap into your home’s equity for renovations, college tuition, or debt consolidation, you can refinance and walk away with a check in your hand.
- Eliminate PMI—Lenders automatically add private mortgage insurance (PMI) to loans where the down payment is less than 20%. If you meet the conditions, you can refinance to eliminate PMI and lower your payment.
At Money Street Mortgage, we want to make sure our customers receive the best possible loan terms and that they walk away satisfied. Check out our refinancing overview for answers to many of your refinancing questions.
To ask about your specific situation or loan, call today to speak with one of our refinancing experts. We’ll help you choose the best option for refinancing in Clearwater, Orlando, or Miami.