Should you refinance YOUR HOME?
When is the right time to refinance your home? There are many things to consider:
- Your current interest rate
- Equity you have in your home
- Length of time you plan to be in your home
- Closing costs you’ll need to cover
- Will a drop in your interest rate be more beneficial to you over time vs. the closing costs associated with your new home mortgage? This is a very important question that your home mortgage specialist can easily answer for you.
- How much equity have you built up in your home? Equity is the difference between what your home is worth and what you owe on your home. The more equity you have, the more options available to you.
- Are you looking to consolidate debt by refinancing your home, and is it the right choice? Consolidating debt can free-up extra money every month but it can also stretch out the length of time you’ll be paying on your debt.
Trying to answer all these questions yourself can be overwhelming. Heritage Bank’s Midwest Home Mortgage Team can help you determine the answers to the questions above – and many more. We do this day-in and day-out for customers all across the country. Check what interest rate you’re paying on your existing loan, as well as your monthly payment, and give us a call to discuss refinancing options in more detail.
Want to refinance your home? Contact a member of the Home Mortgage Team today.