Which refinancing option is right for you?
- Making your payments lower
- Are you refinancing primarily to lower your rate and monthly payments? In that case, getting a low, fixed-rate loan could be a wise choice for you.
- Getting out some cash
- Is “cashing out” your main purpose for refinancing? Your house needs renovating; your son has gone to college and needs tuition money; or you are planning a special vacation.
- Consolidating your debt
- Do you want to cash out some equity* to consolidate additional debt? Good plan! If you own some debt with steep interest (such as credit cards or car loans), you may be able to take care of that debt with a loan with a lower rate through your refinance, if you have enough home equity.
- Paying it off faster
- Are you dreaming of paying off your loan faster, while building up your home equity* more quickly? Then, you need to find out about refinancing to a short-term mortgage.
Does your mortgage meet your changing needs? Would you like to refinance for free?
Call Bill at (301) 941-1992 or reach out online.
*Home equity is the dollar-value difference between the balance you owe on your mortgage and the value of your property. When you refinance for an amount greater than what you owe on your home, you can receive the difference in a cash payment (this is called a cash-out refinancing). You might choose to do this, for example, if you need cash to make home improvements or pay for a child’s education.