A mortgage refinance is a strong choice for any homeowner looking to leverage their investment.
Your financial portfolio is diverse, and you want to make sure you are making the most of your assets.
Refinancing allows you to use your equity to further your financial goals.
There are many benefits to this home loan option, but there are a few things to consider before you decide if a mortgage refinance fits your homeownership goals.
What do you need to know about a mortgage refinance?
Your finance and homeownership goals can work together seamlessly. A mortgage refinance can be an important step in this process.
By refinancing, you essentially replace your mortgage loan with a newer one.
This new loan can free up your finances so you can make moves on plans you’ve got queued up or progress on current projects.
How exactly does it work? What are the benefits of refinancing? Here’s what you need to know to begin your mortgage refinance journey.
Lower Your Payments
A mortgage refinance can free up your finances by reducing your principal mortgage loan amount and your monthly home loan payment.
Your mortgage refinance can help you pay off credit cards, auto loans, college tuition, and redistribute your equity to your investment portfolio.
Long-term, refinancing can lower your interest rate and stabilize your finances.
Maximize Your Equity
As your mortgage has a lower interest rate than, say, a credit card, your mortgage refinance allows you to consolidate debt and pay off higher-rate accounts.
Refinancing frees up your equity and gives you financial flexibility. With this flexibility, you are free to make movement on new financial and investment goals or redistribute assets to further existing ones.
Manage Resetting ARM Loans
Do you have an adjustable-rate mortgage?
This type of variable-rate mortgage loan, also known as an ARM, can be a perfect candidate for a mortgage refinance. If your ARM is about to reset, the interest rate may increase.
Do you have a fixed rate mortgage and prefer the stability of an unchanging rate?
A mortgage refinance can help expand your loan term and minimize risk.
Free Your Finances
Your financial situation is complex, with a lot of moving parts. Your capital is entwined in your growing financial and investment goals.
You may find yourself in an unexpected career win or want to leave room for any unexpected financial windfalls.
A mortgage refinance could be the perfect choice for you. A refinance may shorten the term of your loan, reduce your principal loan amount, and lower your monthly payments.
This financial freedom is yours to invest exactly how you want.
How do you refinance your mortgage?
You’ve done your research, and you’re interested in a mortgage refinance. What do you do now?
Talk to an expert!
Navigating your home loan options can be overwhelming and complex. There are a lot of resources out there, but not a lot of clarity on how a mortgage refinance will affect your unique situation.
Your mortgage partner will guide you through every step of the process.
At Carlyle Financial, we are a team of experienced mortgage professionals who use our expertise and established partnerships to make your mortgage refinance experience smooth and easy.
If you would like to talk about a mortgage refinance, get in touch with one of our mortgage experts today.