Reasons to Consider Refinancing Your Mortgage
Mortgage interest rates continue to remain near historic lows. While the opportunity to reduce monthly payments or shorten the duration of an existing home loan are two of the most popular reasons homeowners refinance their mortgage, here’s a few more reasons you may not have considered:
- Reduce your monthly payment with a lower interest rate if interest rates have dropped since you originally financed your home.
- Pay your home off sooner by reducing the term of your mortgage
- Switch from an adjustable rate mortgage (ARM) to a fixed rate mortgage to give yourself a fixed monthly payment.
- Combine your first and second mortgage into one home loan, with one monthly payment.
- Eliminate private mortgage insurance (PMI)
- Obtain investment property capital
- Fund a retirement account
- Establish a college fund for your children/grandchildren
- Remodel or renovate your current home
Talk to a Starkey Mortgage loan officer in your state to evaluate your mortgage refinance options and find the best possible solution for your short and long-term financial goals.