Eight Reasons to Refinance Your Mortgage

By
Mortgage and Lending with The Mortgage Market of Delaware


Eight Reasons to Refinance your Mortgage

Since there seems to be a trend of rising interest rates, you may be wondering if you should refinance your home mortgage. There are several reasons why this might make a lot of sense. Here are a few:

  1.      If your current jumbo loan or the combination of your first and second loans are $424,100 or less, you can refinance into a regular conventional loan. The conforming loan limit was increased a few months ago to $424,100.
  2.           If you have a VA home loan you can refinance without an appraisal. The VA home loan interest rates are still very attractive.
  3.           If you are a Veteran and your current loan is not a VA home loan, you most likely will be able to refinance at a lower interest rate.
  4.           If your current loan is FHA you may want to consider checking to see if you have enough equity in your home to refinance and eliminate the monthly private mortgage insurance.
  5.           If you want to pay off your loan in a shorter amount of years, you could refinance into a 15 year term loan.
  6.           If you need to reduce your total monthly debt you could do a cash-out refinance and pay off other debts.
  7.          If your current loan is an Adjustable Rate Mortgage (ARM) you should refinance into a fixed rate before rates rise too much. This is of course if you don’t intend to move in the next few years.
  8.          If you would like to remodel or add on to your home you could take a cash-out refinance to pay for the improvements.

Article written by: JoAnn Moore, Licensed Mortgage Originator, NMLS #165477, The Mortgage Market of Delaware, LLC, Georgetown, Delaware 19947. Office 302.855.1306, Cell 302.236.1229, MMODJoAnn@aol.com

 

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Rainmaker
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Paul Antonelli
NextHome Antonelli Realty - Saint Cloud, FL
Broker Owner; NextHome Antonelli Realty

I think this was well written. Great reasons to refinance. 

Mar 20, 2017 02:07 PM #1
Rainmaker
1,779,254
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I certainly think those who have higher interest rates, or mortgages with adjustable rates ought to consider refinancing now.  Interest rates aren't likely to go down for the foreseeable future.

Mar 20, 2017 04:48 PM #2
Rainmaker
1,779,254
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

CONGRATULATIONS JoAnn, on having this blog featured in the "FEATHER NESTERS" group!

Mar 20, 2017 04:49 PM #3
Rainmaker
351,756
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Thank you, Mryl. I appreciate that.

 

Mar 20, 2017 06:04 PM #4
Rainmaker
351,756
JoAnn Moore
The Mortgage Market of Delaware - Georgetown, DE
Home Loans in Delaware

Thank you for your kind words, Paul. I've been waiting for some inspiration to write a blog again and it just hit me this afternoon. Have a good evening.

Mar 20, 2017 06:06 PM #5
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Rainmaker
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JoAnn Moore

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