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Refinancing Your Current Mortgage
Your financial situation or the market may have changed since you financed your current mortgage. A refinancing option is available if you need a different mortgage that will better suit your new needs. Refinancing may provide you greater financial freedom by allowing you to put more of your financial resources toward savings or other important things. LowRates.com offers a full line of refinancing options, and our mortgage experts can recommend to you the best option after discussing your financial objectives. Together, we will evaluate what a refinance can do for you and how to choose the right type of refinancing package so you can receive the maximum benefit out of your new loan.
Advantages of refinancing your mortgage
- By refinancing, you have the ability to access the equity of your home through a Cash-Out Refinance option. Whether you need to use your home equity for something like your child’s college education, acquiring a new car, or simply for home improvement projects, you have worked hard to build your equity, now have it work for you.
- Refinance to obtain a new, lower interest rate through a Rate & Term Refinance option. The current interest rate may have decreased since you previously financed your mortgage. Being able to refinance your mortgage means you are able to adapt, and being able to adapt means you are able to save more and improve your overall financial situation.
- Do you have an adjustable rate mortgage that is about to reset to a higher interest rate? Perhaps it’s time to refinance into a fixed rate mortgage so your finances will be more manageable.
- Refinancing your mortgage to a lower interest rate will not only lower your monthly payments, but the extra money you will be able to save will allow you to put towards future expenses, such as a college fund for your kid(s), a future vacation home, or simply invest it instead of using it to pay off the higher interest rate of your current mortgage.
- Do you have too much credit card debt? Refinancing your mortgage with the objective of debt consolidation will provide you with extra short-term cash to help pay off your current credit card bills. Compared to a mortgage, credit cards usually charge much higher interest rates, and it is a smart choice to use the money you save from refinancing your mortgage to pay off those high interest credit cards.