Our seasoned and knowledgeable loan originators will work with and for you on the refinancing of your mortgage loan. They can help you with your refinancin needs whether you currently have a loan through Village Mortgage or purchased your loan through a bank, credit union or broker.
There’s a good chance that your home is the largest asset you own and, as a result, your mortgage payment is the largest expense you have. Refinancing allows you to use that asset to reduce your monthly payments and put extra cash in your pocket - to do the things you really want to do!
These are the five most popular reasons to refinance right now:
- Lower your rate
- Shorten the length of your mortgage
- Replace your adjustable rate with a fixed rate
- Tap into equity & pay off high-interest debt
- Financial freedom with extra cash
Lower your rate, lower your mortgage payments
Mortgage rates constantly fluctuate. Your rate now is likely not the same as when you originally purchased your home.
It's always a good idea to keep an eye on the market. When rates fall below the rate you’re currently paying you can exchange a higher interest rate for a lower one, which will lower your monthly payment.
Shorten the length of your mortgage
Another way to save tens of thousands of dollars – if not hundreds of thousands of dollars – is to shorten the length of your mortgage.
For example, if you have a traditional 30-year-mortgage, you can refinance and enter into a shorter term of either 10, 15 or 20 years. If the refinance rate is lower, and you keep the same monthly payment, you will build up equity in your home more quickly because more of your payment will be going towards your principal balance.
Replace your adjustable rate for a fixed rate
Adjustable rate mortgages do just that – they adjust. As all market rates fall, mortgage rates fall and as market rates increase, so do mortgage rates. The latter usually happens in a tight economy which can make it even more difficult to make ends meet.
In such a case, it may be more beneficial to refinance at a fixed rate knowing that your monthly payment will remain the same regardless of what’s happening in the economy.
Tap into your equity to pay off high-interest credit card bills
This is one of the most attractive reasons to refinance. You simply tap into the equity you’ve built in your home and use that money to pay off your high-interest credit card bills. In this refinancing scenario, the money used to pay off your credit card bills is added to your principal balance. Lower your bills, have more money in your pocket, and lower your monthly mortgage payment.
Financial freedom, with extra cash
Using the extra cash from the equity in your home can help you do the things you've always wanted to do. This is probably the most popular reason many choose to refinance right now.
Many homeowners take advantage of this refinance option to remodel their home, pay college tuition, go on a vacation, or buy a car. The possibilities are endless.
Refinance with Village Mortgage
To see if refinancing is right for you call us today Toll Free at 800.685.5243 and we'll review the options available to you.