5 Good Reasons to Refinance Your Mortgage
If it’s been a while since you purchased your home, you may be able to take advantage of the equity you’ve built over time and put that money to work for you. Whether interest rates have gone down, your credit score has gone up, or you need to free up extra cash for any reason, paying off your original mortgage with a new loan may be a good option for you.
When you refinance with Southeast Financial, your new mortgage will completely replace the mortgage loan from your current lender. Essentially, you’re “trading in” your existing mortgage for one that better fits your needs today.
Not sure whether refinancing is the right choice for you? Here are five good reasons to find out:
- Take advantage of lower interest rates
- Cancel your private mortgage insurance
- There are no pre-payment penalties
- Consolidate debt and improve your credit rating.
- Free up cash for major expenses like remodeling or tuition
Depending on your personal situation and financial goals, refinancing your mortgage loan may be an excellent choice, but it isn’t the right choice for everyone. It’s important to carefully weigh all the factors before making a decision.
If you’re planning to sell your home in the next two to three years, you may actually lose money by refinancing. You may also want to hold off if you recently switched careers or if your credit score has decreased.
When it comes to refinancing your home loan, there’s a lot to consider. Let our team of experienced mortgage loan officers help you cut through the clutter and decide if a refinance is right for your situation. Call us at 615-743-3700 Monday through Friday between 7:30 am and 4:30 pm CST for assistance.