Should You Refinance Your Home?

If you are struggling to pay your mortgage every month or trying to save some money, you’ve probably been searching for solutions. Refinancing your mortgage is a great option and you may have even considered it already. There are plenty of reasons to refinance your home loan. Here are our recommendations are below.

Reasons to Refinance

Lower Your Interest Rate

This is going to be the reason that makes the most sense and shouldn’t require much deliberation. If you haven’t checked lately, see what the current interest rates are. They could very well be lower than what your rate currently is. Home loans are typically pretty substantial which means a lower interest rate could have more of an impact on your monthly payments than you think.

Home Renovations or Repairs

There could be some areas in your home that you would like to renovate. Or maybe there are some repairs that you keep thinking about but never have the extra money? Say goodbye to waiting any longer. You can use the equity built up in your home to take care of repairs or renovations. Up to 80% of your home’s value is available if you would like to borrow it.

Solidify Your Interest Rate

Many borrowers initially apply for an adjustable-rate mortgage. The initial term had a low fixed rate for a certain amount of time but time is up. Or it’s close. Instead of dealing with an ever-increasing rate, refinancing into a fixed-rate mortgage may be your best option. Having a constant interest rate can help with things like budgeting and could very well save you money in the long run.

You’re Thinking About the Long Term

You initially signed up for a 30-year fixed-rate mortgage. That may have been the option that made the most sense at the time. Now you have a better position at your company. Or you’re at a new company entirely with a better salary. Whatever the case may be, saving money over the long haul is important to you and you’re able to afford a larger payment right now. This is the perfect situation for refinancing into a shorter-term loan will result in a lower interest rate.

How Much Could You Save?

All of this sounds pretty great but what do the actual numbers look like? We have just the tool you can use to find out. Check out our Refinance Calculator. Simply punch in your numbers and the calculator will show you how much you could save by refinancing. Don’t let the unknown keep you from saving!

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247HomeLoans.net holds a Florida Mortgage Brokers license number MBR1749, in the State of Florida. NMLSR ID #1082016. 247HomeLoans.net is a full-service Mortgage Broker. We are committed to providing the highest level of customer service with an emphasis on offering our customers the best advice to save on their monthly expenditures. We are set up with over 20 wholesale lenders and banks, so we can offer both traditional and nontraditional mortgage products. Even if you have been denied by traditional banks we may be able to help you secure financing.

Corporate Office is located at:

11256 Winthrop Main St.

Riverview, FL 33578

**DISCLAIMER: Please note that interest rates, APR’s, closing cost, and monthly payment examples on this page are for illustrative purposes so that borrowers can better understand how programs work. Consumers should note that mortgage rates, APR’s, and payments will likely vary from what is listed in the examples given. Mortgage rates change frequently and not all borrowers will be eligible. Additional restrictions may apply. Please call and speak with a 247 Home Loans mortgage representative for the most up-to-date information.