Is Refinancing Right for You?
Depending on your overall financial goals, refinancing property that you own may make sense for you. There are several reasons to consider a refinance of your current mortgage such as:
- *Reduce your monthly payment by reducing the interest rate
- *Get cash out of your home
- *Change the terms – shorten the terms to pay off quicker of lengthen the terms to reduce the monthly payment
Property is usually the largest investment in a person’s financial portfolio. Wisely using the equity in that property can fit nicely into your overall financial “big picture”. Discuss your situation with your mortgage professional to find out what works for you.