There are many reasons why a person would make the decision to refinance their current mortgage. Whether you are thinking in the short-term or the long-term, a refinance may offer substantial savings and benefits.
A refinance may provide:
- A lower interest rate
- A lower monthly payment
- The ability to pay off the loan faster
- A chance to change the loan type
- The removal of PMI (private mortgage insurance) on the current loan
- Ability to access cash that has been built up through equity in the home
VIP’s experienced loan officers will run scenarios and show you the options and costs of a potential refinance. Before beginning the refinance process, consider what your goals really are. Do you want to pay off your mortgage faster? Would you love to be able to remodel your kitchen? Have a list of goals in your mind so that when you meet with your loan officer, you can make the best possible decisions according to your own best interests.
With some thorough research and education on behalf of your loan officer, refinancing your mortgage could turn out to be the best thing for your family and for your wallet!