Most people refinance their property within 5 years and there are some simple reasons.
- If you are currently in an FHA loan and your property value has gone up and you want to get rid
of your mortgage insurance. FHA requires mortgage insurance for the life of the loan so we see
many people after a few years switching to drop that mortgage insurance and sometimes even
cutting down there turn while keeping the same mortgage payment.
- Are you looking for some additional cash to do a home renovation, pay for a child to go to
school or simply want to set up a reserves account? Refinancing your home could be a great
option for you. Since rates are at historic lows you can refinance your property and sometimes
have the same or a less of a mortgage payment. Contact your local mortgage broker and they
can run some quick numbers to make sure you have a tangible benefit.
- Is your interest rate higher than todays interest rate? If so, you are paying more in interest than
you have to. Refinancing to just lower your interest rate (no cash out) can be a great option and
potentially save you hundreds of dollars a month. Do not miss the opportunity to cut your
monthly costs down waiting.