Mortgage refinancing can save you a ton of cash. The market changes drastically from year to year. Knowing these facts will give you the advantage with better mortgage financing.
Better Mortgage Rates are Available Now -You can often save money by reducing your mortgage rate if mortgage rates have fallen since the purchase of your mortgage. Find out what mortgage rates are today.
Lower Monthly Payments - Lower monthly payments by stretching payment date past the original posted date that will lower your principal rate.
Predictable Costs - Switch your ARM (Adjustable-rate mortgage) to a fixed rate loan which, will lock in your rate until your mortgage is paid.
Shorten Your term - Average borrowers begin with a 30-year-mortgage and refinance halfway through to a 15-year- fixed mortgage. This allows for a faster mortgage payment and saves money in interest. A 15-year fixed rate mortgage is significantly less than a 30-year mortgage loan.
Borrow Money - A cash-out refinance allows you to borrow money against your home and use for other purposes. You will receive a check added to the end cost of what you owe. It’s an excellent way to borrow because mortgage rates are lower than other types of debt and they are tax deductible
Debt Consolidation - You can use your cash-out refinance to pay for other bills that have higher interest rates and reduce all of your monthly payments. Reduce monthly payments on your mortgage against debt principle by extended your mortgage payment.
Combine Two Mortgages In One - A second mortgage or HELOC (home equity line of credit) can be combined into one mortgage payment at a lower rate. A lot like cash-out refinance, but you can pay off the second mortgage. This gives you the benefit of a single monthly payment.
Remove a person from a mortgage -Typically after a divorce, you can remove a person who signed onto the mortgage which is no longer responsible. The only way to remove the person is through refinancing in your name.
North Pacific Mortgage will help you refinance your mortgage to meet your personal needs. Ask for a mortgage loan calculator to tell you your best option for your financial loans and home loans. Learn current and best interest rates in North King County.
Now it the time to get the lowest home loan, home equity loan, and FHA loan at North Pacific Mortgage.