Is your mortgage still serving your needs? Or could it be time for a refinance?
Refinancing a mortgage can make sense when circumstance have changed since you first bought your home. When you refinance, you may be able to reduce your rates or enjoy other benefits.
Are rates lower right now than they were when you first signed on your mortgage? If so, you might have a chance to reduce your rate and save money.
Do you have a higher credit score or income, or a lower DTI ratio, than when you took out your mortgage? You might get better rates now.
Do you have an adjustable mortgage rate that keeps going higher? You might be able to restore financial stability with a refinance to a mortgage with a fixed rate.
Are finances tight each month because you now earn less? By extending your mortgage term through a refinance, you can reduce what you owe each month.
Have your plans changed? Will you be moving out of your home sooner than you expected? Refinancing to an adjustable rate might allow you to save money over the time you have left in your current home through a low introductory rate.
Do you have debts you are paying off with high interest rates? You can refinance and consolidate them all under your home loan at a lower rate. Doing so saves both money and time.
Are you paying mortgage insurance even though you now qualify for a loan without it? By refinancing, you can finally stop paying mortgage insurance. That can add up to considerable savings over time.
Those are not all the scenarios where a mortgage refinance may benefit you.
We can let you know during your consultation whether you could save money and simply your life by refinancing.
Are you ready to find out how much you could save by refinancing your home loan in Detroit, Royal Oak, or elsewhere in Michigan? To schedule your consultation, please call us today at 248-744-2512. We can also help you refinance in Florida.
Mortgage City NMLS #2007168. All information contained herein is for informational purposes only and while every effort has been made to ensure accuracy, no guarantee is expressed or implied. Any programs shown do not demonstrate all options or pricing structures. Rates, terms, programs, and underwriting policies subject to change without notice. This is not an offer to extend credit or commitment to lend. Although and subject to underwriting approval. Some products may not be available in all states and restrictions apply.