These days, mortgage rates are fairly low, which means it might be a good time to refinance. Although many lenders encourage it, many homeowners aren’t always sure refinancing is the right thing. Most people are encouraged to refinance in order to lower their mortgage rates. Just a couple of years ago, the average mortgage interest rate around the country was about 5.099 percent. However, lower rates are being offered today, which means it might be a great time to Refinance Home Loan. Look at a few other reasons you may want to consider this move.
Besides getting a lower rate, it might be time to get a fixed-rate mortgage. Many homeowners signed up for adjustable rate mortgages because they didn’t want to pay for higher fixed rates. Adjustable rates give homeowners the opportunity to pay less for their home mortgage in early years. However, many of these homeowners have gotten stuck with rising rates after a few years. A fixed-rate loan from Village Mortgage can give a homeowner the opportunity to know what they’ll be paying in the future.
Do you own your own home, but you’re looking for a little extra money? In this case, you may still want to consider refinancing. Even though it’s technically not refinancing, you’ll still be able to benefit from it financially. Often, homeowners are looking for a little extra money, and will use the equity in their home in order to get it. This is cash you can use in order to start a business, buy a car, or even purchase a new home. Talk with your lender to determine if a Refinance Home Loan is for you.
Even with all of the reasons out there, most homeowners refinance in order to get lower mortgage rates. You wouldn’t believe how many homeowners get stuck with rates that are too much for them to handle. If your monthly mortgage payments are killing your budget, you may want to consider refinancing. By refinancing, you might be eligible to receive lower interest rates for your mortgage.
These are just a couple of reasons why most homeowners consider refinancing. Again, it’s a great way to start paying lower interest rates. Secondly, refinancing can open the doors to a more reliable fixed mortgage. Lastly, refinancing is a great way to put a little extra money in your pocket.
©2014 Village Mortgage Company, NMLS #6331 (www.nmlsconsumeraccess.org), CT #6331, RI #6331, Mortgage licensed lender in MA ML6331. This is not an offer to extend credit to any individual who may be entitled to a more complete disclosure per RESPA, TILA, HOEPA or any other more applicable federal, state or local law or regulation. Rates, terms, fees, products, programs and equity requirements are subject to change without notice. Village Mortgage, Equal Housing Lender.