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Should I Refinance?


The Spire

Refinancing your mortgage can be a great financial decision for many reasons. Before making this decision, however, there are several factors to consider.  


  • Lower interest rate and monthly payment: For many homeowners, current rates are much lower than they were when they first purchased their home. Refinancing for a lower rate will lower your total monthly payment and the total interest paid over the life of the loan.
  • Change type of interest rate: When rates are low, those who initially went with a variable rate loan can make the switch and secure a low, fixed-rate loan.
  • Modify loan terms: When you refinance, you can opt for higher monthly payments to shorten the loan term and save on total interest. On the other hand,  if you are needing to lower your monthly payment to free up cash, you can extend the life of the loan.
  • Consolidate debt: Mortgages typically have much low-interest rates compared to other forms of debt. You can refinance to access the equity you own in the house to put towards other debts that are accruing higher interest rates.


  •     Cash-Out Refinance – If you wish to receive cash from current equity, you will want to consider a cash-out refinance. With this option, an existing mortgage is replaced by a new loan for more than you owe on your house. The difference between these amounts will be given to you in cash.
  • Rate-and-Term Refinance – To lower your monthly mortgage payment, opt for this type of refinancing and modify the loan rate and/or the term of the loan. If you needed a cosigner to qualify when you first purchased your home, or were required to pay mortgage insurance, you can remove them with this type of refinancing.


Refinance with Spire Financial
If you are interested in taking advantage of the current low-interest rates, Spire Financial has what you need to get started. Our loan experts are here to help you assess your options to determine the best strategy for you and your financial goals. We not only make refinancing possible, but we make it simple. Contact us today to discuss the benefits of refinancing your mortgage.


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.