Mortgage refinance is becoming more and more popular for those trapped in the high rate mortgages of the past. There are many reasons why a mortgage refinance may make sense for you:
- Get a lower fixed mortgage rate
The fixed rate mortgage you received a few years ago has no doubt dropped significantly. Refinancing your existing mortgage will ensure that you save on your mortgage payments for years to come. (Check with your bank to find out what your penalty will be to break your mortgage first. I can then crunch the numbers to see if it makes sense for you.
- Convert your variable rate mortgage to fixed to protect you against possible interest rate hikes
The interest rates on a variable rate mortgage may be lower at first, but the fluctuations are unpredictable. Many find these constant variations in the interest rate stressful and for those, a fixed rate mortgage makes more sense.
- Consolidating multiple mortgages into just one
Making multiple mortgage payments at the same time can be not only expensive for some, but also stressful. Consolidate multiple mortgages into one for a single payment, and most likely, added savings. There also may be an opportunity to consolidate additional debt or take out more money if needed.
- Consolidate debt
Get rid of those high interest credit card payments once and for all! Consider consolidating your credit card and other debt into a single low mortgage payment. Take advantage of today’s ridiculously low mortgage rates and just watch how much money you save each month!
- Renovations and other home improvements
If you need money to put in that new kitchen or bathroom you have always wanted, and you have equity in your home, then refinancing your mortgage may be a great, low cost way of financing the renovation.
- If you need money for any other reason
Maybe you want to put your kids through college, take that dream vacation, or buy a new car. Whatever the reason, refinancing your mortgage can be one of the least expensive ways to borrow money!
We can help you decide whether now is the right time to refinance, or if it will make more sense down the road. Refinancing should be thought through carefully and expenses need to be factored in such as penalties to break your current mortgage as well as legal fees. These are all things we will look at for you in detail to ensure you are making the best possible decision.
CityCan Financial is able to offer some of the lowest and most competitive mortgage refinance rates in the market today. We will ensure you get the best deal possible. With my extensive knowledge of the mortgage industry, I will ensure you get the guidance you need in making the right decision when it comes to your mortgage refinance.