Refinancing is a hot topic these days, but why?
With refinancing, you have the opportunity to obtain a lower interest rate, shorten the term of your mortgage, or even take cash out with the equity you have built up on your home. Home equity is the amount of money built up in a home that represents the current market value (and remember, home values appreciate on average 5%-6% every year). The value continues to build over time as you, the homeowner, pays down the mortgage.
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Benefits of Refinancing
Lower your interest rate, lower your payment
If you still have an interest rate above 4%, you can save yourself quite a bit of money every month by refinancing to a lower rate and taking advantage of these historically low rates.
Shorten your term
30 years seem too long? You can refinance to a shorter term, the most popular option is a 15 year term. The benefit here is not only paying off your mortgage early, but it also saves you thousands in the long run.
Turn that equity into cash
If you are in need of cash for home improvements, pay off debt, or just want some cash, you may be eligible to refinance up to 80% of the value of your home. When rates drop or you need immediate cash, refinancing is always a great option. And refinancing is a very simple process, typically closing in 20-25 days.
