Three Reasons to Refinance Now

Homeowners who've considered refinancing a home mortgage take note: now is the time to make a move. While experts argue about the best reasons for refinancing, it depends on the individual as to which rewards can be greatest. Find out how this option could work for you, whatever your particular needs may be.

Three reasons for refinancing now include:

  1. Locking in low rates. Although the press can sometimes jump on any upticks that interest rates incur, rates are still near historic lows. Owners who bought homes when rates were much higher or who had less than perfect credit years ago, can definitely get more bang for the buck in 2014.
  3. Pulling out cash. Homeowners who are house rich and cash poor may want to equalize things a bit. Even if an unexpected expense comes up, this avenue can be a good way to sets things right financially. Refinancing can be an ideal way to take money out of a property.
  5. Reducing the loan term. If a home mortgage loan was originally set for a 30-year term a few years ago, a 15-year term may be possible now. Current lower interest rates make this option appealing for those looking to shorten the life of their mortgages.

Although these reasons certainly aren't the only motives behind choosing to refinance now, they touch on selling points that focus on saving money and time. Still wondering if refinancing may be right for you? Speak with a knowledgeable lending professional who is qualified to give you trusted advice about your home refinance options.

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Categories: Mortgage

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