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  • Writer's pictureRenée Stuart

Refinancing 101

If you have a mortgage then you should know that you also have options!

Should you refinance now? Should you wait? Will the rates continue to drop? Is it worth it? There is no escaping it, everywhere you turn right now there is a new wave of hype about mortgage refinancing.

At Colten Mortgage we know you have questions and luckily for you, we have answers!

With rates low, it’s worth taking the time to see what’s best for your specific situation. Your mortgage should be personalized to meet your needs. Exploring your options now will allow you to sleep better knowing you are making an informed, well thought out decision and not just jumping on the bandwagon.

Refinancing is simply the process of getting a new mortgage by changing the terms of the one you already have on your home.

You might be thinking of refinancing your mortgage for a few reasons, such as, taking advantage of lower interest rates, switching mortgage companies, reducing your monthly payment, or using money from the refinance to fund a big purchase or even home renovations. I assure you, you have options!

Reduce your monthly payments. If you are eager to pay less every month, a loan with a lower interest rate is an ideal option. Extending your mortgage term is another way you could find monthly savings.

Cash Out your equity. When you refinance and borrow more than you owe on your current loan you receive a check for the difference. Commonly known as a Cash-Out Refinance this option is often available while simultaneously getting a lower interest rate.

Find Loan Freedom Faster. Reduced rates could allow you to pay the same or slightly more and reduce you term by half! As a result, you pay less interest over the life of your loan.

Do Away with Private Mortgage Insurance. Did you know Private Mortgage Insurance on a conventional loan can be canceled? Let us walk through your options with you and determine which loan programs can be the most beneficial to you!

At Colten Mortgage, we work for you! There are several misconceptions when it comes to refinancing but this opportunity is one that provides a variety of beneficial outcomes. With our commitment to our borrowers, the ease and convenience of our process will have you eager to learn more and save big!

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