The best time to refinance is usually when interest rates are 2% less than the rates used to close your loan. Even if rates are slightly less than 2%, 1.5% for example, a homeowner can still save but it would take a longer period of time for those savings to materialize.
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Also, homeowners who are interested in any of the above reasons and would also like money for debt consolidation, home improvement or large purchases can refinance for the total of their original loan as well as substantial amount over that total. This is often referred to as a cash-out refinance. This type of refinancing is excellent for paying off debt that has been incurred on loans or credit cards with high interest rates.
Refinancing home loans is not for everyone, but it may be for you. Use refinancing to lock in a low interest rate or find the funds to finance your childs college tuition. Apply online today using our free short form.
Turn your home loan into the loan you want it be. Lower your interest rates and monthly payments. Finance home improvements or a new car. Fill out our free short form and contact up to four lenders today.