4 Reasons You Might Want to Refinance

By
Mortgage and Lending with HomeTown Lenders

 

1.      Lower your interest rate to lower your monthly payment – Today’s rates are the lowest in recent history. You can check them daily at http://www.haltennant.com/Home This is what is known as the “National Overnight Average”. It may not be the exact rate you are offered as many factors affect rates, but it gives you a reference to judge the movement up or down. Also on my website is a page called “Daily Rate Lock Advisory” – see http://www.haltennant.com/DailyRateLockAdvisory also a good indicator of where rates might be over the next 60 – 90 days.

 

2.      Switch your mortgage type – Do you have an ARM (Adjustable Rate Mortgage)? Now would be a great time to lock in a low fixed rate before rates go up again. Or, maybe you want to switch to an ARM because you know you’re moving in the near future and want to take advantage of the super low rate of an ARM.

 

3.      Build home equity faster – You could do this by refinancing from a 30 year fixed to a 15 year fixed and pay off your home twice as fast. Here’s a tip – you can always accelerate your payoff by making additional payments every month.

 

4.      Take cash out – If you have equity sitting in your home and would like to access it a refinance might be the way to go. If You are over 62 year old a Reverse Mortgage could be the answer.

 

How much will it cost to refinance? Is there a prepayment penalty on my current mortgage? How will it affect my taxes? There are so many questions to answer before proceeding. That’s why you need to consult an experienced Loan Officer.

 

If I can help you sort through this give me a call.

 

Hal Tennant

 

(615) 895-4265

 

 

 

Comments (2)

Kevin A. Guttman-Author, ReverseMortgageSpecialist
NMLS #384936 - Colorado Springs, CO
877-251-9709

Hal,

Well done!

These are all valid reasons to refinance.

Thanks for the post!

Jul 03, 2012 12:51 AM
Andrew Capelli
Hoover Elementary - Hazel Park, MI

Hal: Those are definitely good reasons!  I don't think we'll see rates like this again for a while- Thanks for sharing!

Jul 03, 2012 12:54 AM