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The Best Reasons To Refinance
The current market is forcing a lot of people to reconsider how they are going about things. Should they be spending money eating out? Is a vacation a good idea right now? The list goes on and on. People all over are looking at the things they are spending money on and considering whether they are being smart about where they are allocating their resources. And that’s a good thing. You work hard for your money. You should spend it wisely.
Your mortgage should not be left out of the scrutiny process.
Here are a few reasons that, even with mortgage interest rates trending upward, you should consider refinancing.
- To remove private mortgage insurance (PMI). Most buyers needed PMI when they first purchased unless they were able to put down enough money to cover the 20 percent loan-to-value threshold to negate the need for it. For some, when they finally paid enough to get to that threshold, the PMI was automatically dropped. BUT, that’s not true for a lot of loans. A lot of mortgages with PMI stipulate that you must refinance in order to officially drop the PMI. If this is you, you should consider refinancing with Tristate Lending today!
- Getting out of an adjustable rate mortgage (ARM). For buyers who went with an ARM to purchase initially when rates were lower, now is a good time to switch to a fixed-rate mortgage before things get higher.
- To lower your payments. While mortgage interest rates have gone up, there may still be some room for improvement on what you currently have. Depending on the parameters of your current mortgage, you might be able to refinance into more friendly terms now even if the rate may not match.
- For some spending cash. A Home Equity Line of Credit (HELOC) is a good way to take care of some outstanding debt, pay for renovations on your house, or even purchase another property. Mortgage rates are still lower than a lot of other financing options so utilizing what you have might be the best option.
If any of these options sound like you, or if you want to talk to someone about ways to better your situation, Contact Us or Call today. Refinance with Tristate Lending and set yourself up for a better tomorrow.