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How Refinancing Your Mortgage Can Save You Money

Refinancing your mortgage means repaying your existing mortgage loan with a new mortgage loan. That new loan will carry new terms, a new interest rate and a new monthly payment.

In times of economic uplift, or if you’ve significantly improved your credit score and financial situation, your lender may offer you a new loan with lower interest rate. You could reduce your interest by 0.5% or even 1%. Compounded over the entire duration of your loan, you could reduce your total debt by tens of thousands of dollars. Another potential benefit is escaping a previously required mortgage insurance, which can cost hundreds of dollars each month.

However, there’s a caveat banks don’t want you to know. Refinancing a mortgage includes some considerable costs to close the existing loan - usually several thousand dollars. Another huge factor is your new mortgage type and term. A lender may seemingly offer you a lower monthly payment, but increase your mortgage duration, so you end up paying more in the long term.

Don’t fall for these traps! Contact us today, so we can analyze your mortgage and financial situation and discuss your potential savings.

Why It Makes Sense To Refinance Your Mortgage

Let’s be honest, the economy is not always favorable to homeowners. In times of turmoil, job insecurity and market crashes, your monthly mortgage payment may suddenly become too much of a burden.

You can refinance your loan to reduce your monthly payment and ensure you get to meet ends in the foreseeable future. This may increase the total cost of your home, but you get to keep the roof over your head and sometimes that’s good enough.

On the other hand, you may be doing better than expected and there may be opportunities to pay off your mortgage quicker, build more equity in your home, and improve your estate.

In either case, refinancing your mortgage can help you achieve your goals, but only if you work with a partner who makes your best interest their main priority.

Real Mortgage Loans is that partner. Contact us and tell us your story and we’ll tell you what opportunities lie before you.

Do I Qualify For Loan Refinance?

Refinancing an existing mortgage means you’re taking up a new loan, which comes with it’s own requirements.

In order to qualify and get the great rates you’re hoping for, you need to have a good credit score. Another important factor is how much equity you have in your home. Typically, banks will require you to own at least 20% of your property, but the more you have the better terms you can achieve.

Finally, you should also consider how your debt has changed over time. The debt to income ratio will be recalculated, along with the closing costs of the existing loan to see if your new mortgage is still affordable to you.

Your eligibility to refinance your mortgage and get good terms will depend on a dynamic mix of all mentioned factors and other specific details unique to your case. It’s best to contact one of our Loan Officers, who will analyze your financial situation and explore all opportunities to refinance your loan.

Request A Mortgage Refinance Analysis

It takes just 30 seconds to submit your case to our Loan Officers. Contact us today to get an expert consultation on your mortgage refinance options for free with no strings attached.