Reasons to Refinance with 818 Mortgage Home Loan Specialist

Reasons to Refinance

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Reasons to Refinance

Reasons to Refinance

Reasons to Refinance: 

Even if rates are higher than your current mortgage you could still end up saving.

Shorter Term: why moving from a 30 Year Fixed to a 15 Year Fixed could be one of the best financial decisions. Even if you have a rate that is below the current market rates, moving to a 15 Year Fixed can save you hundreds of thousands of dollars. Consider this example: a $600,000 loan amount where the borrower was saving over $200,000 in interest cost by moving to a 25, 20, 15 or 10 year fixed mortgage. 

Longer Term: Maybe you got into a short-term mortgage to save on interest costs. But you may find it difficult to keep up payments. In that case moving from a 15 Year Fixed to a longer-term like 20, 25, or 30 Year mortgage may be a better idea. Longer terms may help you save on your monthly payment.

ARM to FIXED: Adjustable Rate Mortgage may lead to worries about the future rise in rates, moving to a Fixed-rate Mortgage (FRM) may be a good idea. 

ARM to ARM: If your ARM loan is nearing the adjustment period and you are not planning to keep the loan for a long time, moving into another ARM will save you on interest cost. 5 and 7 Year ARM pricing may be 1% lower than the fixed-rate.

Mortgage Insurance (MI or PMI): Either your home prices have gone up or you have paid down enough on your principal or a combination of both. If you have 20% equity in your house, it may be time to get rid of mortgage insurance.

Cash-out: A cash-out refinance may be a better idea than borrowing from somewhere else or breaking into your retirement.

Lower Rate: Maybe you had bad credit when you got the loan. This is the most uncomplicated reason to refinance. 

Take action now, contact me at 818-457-1554 or email me at 818mortgage@gmail.com

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