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Should I Refinance My Mortgage?


The Spire

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When making the decision to refinance the mortgage on your home, there are several factors to consider. These include how long you plan to spend in the same location, the amount of time left on your current mortgage, and the potential costs associated with refinancing

Reasons to Refinance
To determine whether refinancing is the best option for you, establish an end goal and how it relates to your current financial situation.

● To get a lower monthly payment and interest rate: Many things can change since you initially applied for your mortgage, including market interest rates, improved credit, or a financial situation that may qualify for better terms. Refinancing could end up leaving more money in your pocket.

● Change mortgage loan type – If you went with an FHA mortgage when you first purchased your home due to a low credit score, but you now qualify for a conventional mortgage, you can refinance to make the switch.

● Change loan terms – To save on the total interest over the life of a loan, a refinance can shorten or extend the life of the loan.

● Consolidate debt – Mortgages have lower interest rates as compared to other forms of debt. You can refinance to access the equity you already own in the house to put towards other debts that are accruing higher interest rates.
Refinancing Options
Different options that are available for a refinance.

Rate-and-Term Refinance – This type of refinancing is generally for those looking to lower their monthly mortgage payment by reducing their interest rate or dropping off mortgage insurance. If you needed a cosigner to qualify when you first purchased your home, you can also remove them with this type of refinance.
Cash-Out Refinance – For those looking to access the equity built with the property, a cash-out refinance may be the best option. An existing mortgage is replaced by a new loan for more than what is owed on the home. The difference between these amounts is the cash received when the loan is closed. This can also be a good option for those looking to pay off higher-interest debt with their equity.


A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of V.I.P. Mortgage, Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.