Qualified Homeowners Can Get Generous Mortgage Savings Programs With Choose Your Mortgage

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Mortgage rates are dropping and have hit near historic lows.

 

1.69 million Americans refinanced in the second quarter of 2020, the highest level in seven years.

When you decide to refinance, you want the lowest rate.

What should you consider before going all-in on a refinance?

Do you think it's the right time to refinance your mortgage? If that's the case, Choose Your Mortgage is here to help.

What is refinancing?

When you refinance your mortgage, you pay off existing loan with a new loan that you obtain at a lower interest rate, which lowers your payback amount. You can end up saving in the long run.

What Are The Best Reasons To Refinance?

Do you plan to stay in your home for a while? Could extra cash help you pay off other debts quickly? Let's dive into the reasons to refinance your home.

1. Pay Off Your Mortgage Faster. With lower interest rates, you can shorten the term of your loan and pay it off faster. This will allow you to save thousands on interest over the life of the loan.

2. Better Interest Rate, Lower Monthly Payment. Now that the rate is lower than when you purchased your home, refinancing will lower your monthly mortgage payment. You will have more cash for savings or paying off other bills or taking that vacation.

3. Get Rid Of Private Mortgage Insurance (PMI). If your down payment was less than 20% when you bought the house, you may have had to pay for PMI. Now that you have paid down some of the loans and have some equity in your home, refinancing will help you remove the private mortgage insurance payment.

4. Get A Fixed Rate And A Peace Of Mind. If you had an adjustable-rate mortgage when you purchased the home, now might be a great time to refinance and get a fixed-rate mortgage at these low rates. You'll no longer have to worry about changing interest rates for years to come.

5. Consolidate Debt. Do you have some other high-interest debt that you'd like to pay off? A cash-out refinance can help. You may have to refinance your mortgage to a higher amount to get the cash-out, but if you are paying off high-interest rate debt, it makes sense. You can use the money to pay off credit card debt, school loans, car loans or even make some home improvements.

Now that you learned the top reasons to refinance, here is how you can get started.

Rates are near historic lows. Choose Your Mortgage offers a number of options and can help you find ways to save money on your mortgage.

Want to Calculate Your New Monthly Payment? Here How You Do it:

Step 1: Click on your state below

Step 2: You can compare top mortgage companies and get competitive rates!

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