Refinancing a home mortgage can be beneficial in multiple ways. The reason most people refinance is to take advantage of lower monthly payments and/or lower interest rates.
Homeowners may also choose to cash out the equity in their home to pay off debt or do upgrades to their home.
If homeowners find themselves with added cash flow, some choose to pay off their mortgage loan sooner than expected. In this case, switching from a 30 year mortgage to a 20 year mortgage (or less) can help homeowners avoid paying unnecessary interest, and reach their goal sooner.
Contact your Loan Officer today to see if a refinance could be right for you!