Tampa Bay Mortgage Refinance | Reasons to Refinance Your Mortgage

Refinancing your mortgage loan can be a big decision for consumers.  These days it's not just about getting a lower interest rate on your mortgage, there are many reasons to refinance.

Of course, the biggest reason:  Lower your interest rate.  This is one of the main reasons people refinance their mortgage.  You can get a lower monthly payment and that can make a big difference in your monthly budget and the interest you pay over the term of your loan.

Another big reason in today's market:  Get out of your adjustable rate mortgage (ARM).  In the past couple years, many people were put into an ARM to save on a monthly payment or to qualify to get into their first home.  The downside of these mortgages is when the adjust.  That attractive rate now becomes a monthly burden when it adjusts.  Many people at this point look to refinance to get the stability of a fixed rate mortgage.

Credit changes can also be a reason for refinancing.  Some homeowners have to take a higher interest rate if their credit is bruised.  When the time comes that their credit is in a better standing, they could consider refinancing to a lower interest rate that they would qualify for.

Some consumers have the flexibility to change loan terms from a 30 year loan to a 15 or 20 year loan, thus building equity faster.  If a consumer is in a position to afford the monthly payment on a shorter term loan, they save a large amount in finance fees and pay down the loan balance faster

Another reason to refince is to pull out equity you have established.  By utilizing a cash-out refinance, a homeowner can use the equity they have to turn into cash.  It could be to pay off credit cards, do repair work on a home, finance college costs or just personal spending money.

Whatever the reason may be that a homeowner needs to refinance, I am committed to discussing the options with you and helping you determine what program are available and what makes the most sense.  I am keeping a close eye on interest rates and now is a great time to consider a refinance. Please contact me for a complimentary consultation.

__________________________________________________________

Your Tampa Bay Mortgage Professional

Leah Ross, XCO, AmeriFirst Home Mortgage

Please feel free to contact me via email at LRoss@AmeriFirst.com or Phone 813-643-8430 or 269-488-9527