Refinancing is a way to go if you are looking for a way to get your home loan paid off faster or to lower your mortgage payments. There are numerous benefits of refinancing but the process isn’t without certain drawbacks, especially considering the fees involved. Many homeowners are refinancing their home loans with today’s low-interest rates. PRMI (Primary Residential Mortgage Inc.) helps you to save money or cash out by refinancing at a lower rate.
Mortgage refinancing is a strategy which helps the homeowners meets their goals. Refinancing a home is a big financial decision that shouldn’t be made without doing due diligence. When you refinance, your new lender covers your old mortgage and replaces it with a new mortgage. Most people refinance to reduce their monthly payment, but some refinance from A 30 to a 15-year term if they want to knock out their mortgage debt more quickly.
Refinancing gives you an entirely new mortgage with ideally more favorable terms It can also be a valuable tool to get the debt under control when used carefully. Before refinancing, look at your financial situation carefully and ask yourself how long do you plan to continue living in the house and how much money will you save by refinancing.
You should ensure that a refinance is worth your while and then shop around for a lender offering you a good interest rate with reasonable monthly payments. Also, keep in mind that the refinancing costs around 3 to 6 percent of the loan’s principal which means it takes years to recoup that cost with the savings generated for a shorter term or by a lower interest rate. So, choose low closing costs and no prepayment penalties. You should be able to get a lower interest rate with a better credit score.
Benefits of Refinancing
Most people refinance to get a lower interest rate on their mortgage. This is because lower rate translates to lower payments, which means that you’ll pay less for your home overall each month and this also frees extra cash in your budget which you can put into your short and long-term saving goals. Refinancing helps you clear your mortgage debt in less time.
All in All
PRMI (Primary Residential Mortgage Inc.) can help you with refinancing which is considered as one of the most important financial decisions in your life. We help clients find ways for managing their monthly mortgage payments in a better way without putting a strain on their quality of life.
Homeowners can feel a heavy financial burden when they are locked into a high mortgage rate. Having a first and second mortgage can be difficult to manage. Refinancing is a great way to alleviate that financial burden. Our team of mortgage experts at PRMI help you to understand the refinance mortgage market and help you find solutions to make your mortgage more manageable. We will evaluate factors such as mortgage terms, maturity dates, and interest rates to ensure that we are helping you to make the best decision in both the short and long term.
Finding the right home loan for you is an important financial decision to make and our loan officers at PRMI strive to educate our clients by providing specific details with regards to refinancing and mortgage options. Contact us if you are looking to refinance your mortgage and we will listen to the goals you have and help you evaluate which program(s) would be best suited for you.
PRMI NMLS 3094. PRMI is an Equal Housing Lender. Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms, and conditions are subject to change and are subject to borrower(s) qualification. This is not a commitment to lend. Florida Office of Financial Regulation MLD646. Opinions expressed are solely my own and do not express the views of my employer.