What is a "Mortgage Refinance" & when does it make sense?
When a mortgage is paid off earlier than the original agreed term and the mortgage replaced with new financing. "Refinancing" can make sense for many reasons. Your situation and needs change over time so why shouldn’t your mortgage? Now might be the right time for you to refinance into a better more affordable monthly payment. You should take the time to consider the following questions to see if refinancing makes sense for you:
Is it a better fixed rate option available over your adjustable-rate?
Is Private Mortgage Insurance (PMI) based on an old property value whereas your equity has grown from home appreciation and should now be reconsidered?
Has the original term to pay off the mortgage been too aggressive on your budget and a longer term with a lower monthly payment would help meet your goal?
Can you benefit from re-structuring debt service payments on burdensome obligations you'd just like to pay off once and for all?
Will pulling out cash from your home equity help you buy your next property?
Refinancing your mortgage can be a great way to solve problems and meet goals. With Team Schweickert we are ready to start the conversation and get you into the right Mortgage Plan. Let's evaluate your home equity today!
These materials are not from HUD or FHA and were not approved by HUD or a government agency.