Michael Shotnik
Refinance Specialist
Link: refinance-denver.com
Most people go through their day to day routine and don't consider how their mortgage could be improved to reduce stress, put more money in the bank, get rid of those high interest credit cards or create financial security. If it's in your financial plan to do all of the above you are half way there by owning your own home.
ARM to Fixed Rate. Adjustable Rate Mortgages are generally available at lower rates which is very attractive in the beginning. When the ARM starts to adjust is when it's definitely time to consider a fixed rate mortgage. 30 year fixed mortgages offer a type of security that ARMs do not. The rates are slightly higher but offer a piece of mind ARMs do not. There are many products available to refinance your ARM into a fixed rate mortgage.
Link: refinance-denver.com
Lower Your Monthly Payment. Mortgage rates are at a historical low point. The best value from a refinance comes in the form of a rate reduction. Over the course of 30 years even a small rate reduction can save thousands in interest over the life of the loan. If you have not refinanced since you purchased your home chances are your rate or terms of your mortgage can be improved.
Consolidate Debt. Another great way to save money on a monthly basis is to reduce the interest you pay to borrow money. If you have credit card debt generally at 15% - 28% you can save money by reducing the rate on your debt. By consolidating the debt into your mortgage you will be paying mortgage rates on your once revolving debt.
Cash out. Equity in your home can be put to work by pulling the equity out in the form of cash. A great way to take advantage of equity in your home is to do home improvements. Lenders love when you add value to your home, it reduces the risk to them.
Link: refinance-denver.com
If you are reading this article you must be thinking about your mortgage. For most people their mortgage is the largest monthly obligation they have. This is why it makes sense to make sure your payment and terms are aligned with your financial plan.
Michael Shotnik
Refinance Specialist
Link: refinance-denver.com
Summit Home Mortgage
mshotnik@summit-mortgage.com
303-800-4595
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