There’s more to it than just interest rate.
Refinancing helps you lower the amount you’re paying in interest and drastically reduces the number of years you’re in debt. Refinancing can help you become completely debt-free faster!
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There are a number of ways to save money outside of lowering your interest rate: You could get rid of your private mortgage insurance (PMI), reduce your loan term, get out of a variable rate, or switch your loan type.
Work with a lender you can trust.
Many lenders may try to convince you that refinancing to a longer term can help you have more cash on hand. Run away! That’s not the point of refinancing. The right mortgage company will refinance your home to help you reach your financial goals.
Should I Refinance My Mortgage?
You can think about refinancing your mortgage if it means you’re locking in a lower rate of interest at a fixed rate or reducing your mortgage term length. The savings you could make from doing it for the reasons we outlined earlier could be used to help tackle the important stuff, like paying down debt or saving for retirement.
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Refinancing is a good idea if it helps you take control of your monthly bills. You will feel more confident going forward if you have more money to put toward becoming totally debt-free. Plus, just imagine if you owned your home outright!
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But there are times when refinancing your mortgage would not be a good idea. It wouldn’t be wise to refinance (and get into more debt) because you’d like a new car, want to remodel your kitchen, or plan to pay off credit card bills. Wiping out your home equity to buy new stuff you don’t need puts your home at risk—especially if you lose your job or encounter other financial difficulties.
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And if you’re currently out of work because of the coronavirus and finding it difficult to pay your mortgage, there’s good news for you. Depending on your specific situation, you may be able to have your mortgage payments lowered or put on hold for the next 12 months. That can really help to free up the burden you might be feeling right now if you’re concerned about when you’ll see your next paycheck.
Ready To Refinance?
Refinancing your mortgage is worth it if you’re planning to stay in your home for a long while. That’s when the lower interest rates you want to take advantage of really start to pay off!
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If you’re ready to refinance, Acacia Mortgage Finance home loan specialists will help you get a mortgage you won’t regret!
Why Refinance Your Mortgage?
By taking advantage of the right mortgage refinance opportunity, you will lower your monthly payment, and save yourself a significant amount of money over the life of your loan.
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There is no time like the present to start exploring the various rates and options for refinancing your mortgage. When you are ready to take the next step, we invite you to give us a call. Our friendly team of experienced mortgage professionals will advise you on which refinancing program best meets your needs.
Working with ACACIA Mortgage
At ACACIA Mortgage we always put the client first. We offer some of the most competitive rates in Texas, and we pledge to make your mortgage refinancing a quick and hassle-free experience.
Competitive Rates. Refinancing Available.
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Competitive fixed and variable rates for home purchase or refinancing.
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A wide range of terms customized to your unique situation.
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Helpful loan advisors with working knowledge of the Texas real estate market.
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Free pre-qualification to increase buying power.
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Refinance your current home to potentially lower your rate.
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Quick, local decision-making and processing
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Attentive, friendly service from start to finish.