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Time to Refinance Your Mortgage?

Have you been thinking about refinancing your mortgage? With mortgage rates at an all time low, this could be the best time to do it . But there are many reasons to refinance. Think about why YOU want to refinance. Here are some reasons:

1.Reduce Monthly Payments. Most homeowners refinance in order to get a lower interest rate and, as a result, reduce their monthly payments. However, that's only one reason to refinance.

2. Get a Fixed-Rate Mortgage.You may want to switch from an adjustable-rate mortgage to a fixed-rate mortgage to guarantee a permanently lower rate.

3. Reduce Loan Term. Maybe you want to switch from a 30-year loan to a 15-year loan to pay off your mortgage faster.

4. Eliminate Costly Mortgage Insurance. If you have enough equity, you may also be able to save on mortgage insurance by switching from an FHA loan to a conventional mortgage.

5. Need Extra Cash. Perhaps you’ve recently run up against major medical bills, unexpected home repairs or other expenses that are weighing you down financially. If you’ve built up enough equity in your home, a cash-out refi will not only let you refinance your loan but also take out extra cash for those unexpected expenses.

Knowing what you want to accomplish with a refi will help you determine the type of mortgage product you need. Consider all the options to see which works best for you.

For more personal financial help, contact Stevie Swain at

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