Table Rock Mortgage

There are a lot of reasons to refinance your home but before you do make sure you're doing it for the right reasons. The purpose of refinancing your home is to pay off an existing loan with a new one in order to lower your interest rate and/or lower your payment. Another popular reason is to convert your equity to cash.

Is your mortgage rate adjusting?
A refinance may be the option to change your Adjustable rate to a Fixed Rate. This would guarantee you a stable mortgage payment. Or there may be a better adjustable rate program available.

Do you want a lower payment?
You can refinance the remaining amount of your mortgage or refinance at a time when rates have lowered. This would give you a lower monthly payment.

Do you want to cash in on your equity?
The money can be used for debt consolidation or home improvements. Remember that this is not free money and will be added to your total loan amount and have to be repaid. So make sure you are using the equity for a good reason.

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