There are more ways to refinance with lenders today than ever before. So, whether you want to lower your rates or your monthly payments, you can get the right kind of financing.
You can also get loan quotes online from different lenders without hurting your credit score. So, using real numbers, you can figure out which lender and loan are best for you. You don't have to guess when you refinance because you know how much you can save.
Stability of a loan with a fixed rate
Your rates can go down and give you peace of mind if you refinance to a fixed-rate mortgage. By setting your mortgage rate today, you'll know exactly how much your interest will cost and how long your loan will last.
Fixed-rate mortgages also let you buy down the rate, which can save you a lot of money if you keep the loan for a long time. You can also extend the length of the loan to lower the amount you have to pay each month.
With an adjustable-rate mortgage, you can bet on lower rates.
If you have an adjustable-rate mortgage and want to refinance, you can get some very low rates for a year or more. With these deals, you can save hundreds of dollars a month.
There is a chance that both your interest rate and your monthly payment will go up. Depending on your limits, high rates may also cause your mortgage to last longer. But if you don't plan to keep your loan or house for too long, the savings may be worth the risk.
With a refinance, you can cash out your equity.
You can save money on application fees and higher rates with a separate home equity loan by taking out some of your equity when you refinance. When you take out your equity, you can still choose between fixed rates and rates that change over time. You can also choose to make your loan terms longer or shorter.
Different situations call for different words.
Interest-only loans and other creative ways to borrow money can help people in certain situations. For example, if you plan to move in a year, you can save hundreds of dollars on your mortgage by refinancing with an interest-only loan. You don't have to worry about high payments if you sell before the loan payments go up.
