If your neighbors are paying a lower interest rate than you are on your home loan, you might wonder whether you qualify for more competitive rates and terms.
In many cases, the answer may be “yes.”
By refinancing your mortgage in Indiana, Colorado, Kentucky, Tennessee and Florida you might be to reduce your interest rate and enjoy other outstanding benefits.
Benefits of Refinancing Your Home Loan
The exact benefits of refinancing depend on your specific scenario. But here are some possible advantages:
- You could reduce your interest rate.
- You might be able to stop paying for MIP or PMI.
- You can get more time to pay off the mortgage.
- You can change your interest rate format.
- You can renegotiate other loan terms.
When Is It Time to Refinance?
While the advantages of refinancing can greatly enhance the flexibility, convenience, and affordability of your mortgage, there is a cost to refinancing a home loan.
The key to making a refinance work for you is to time it well. How do you know if refinancing at this time will pay off? Here are some scenarios where we might recommend a refinance:
When your qualifications are more competitive. With a higher credit score or lower DTI ratio than you had when you applied for your original mortgage, you might now qualify for more competitive rates and terms.
When interest rates have dropped. If interest rates have decreased relative to what you are paying right now, it might be time to try refinancing to lock in today’s more competitive rates.
When your income has gone down. Sometimes, homeowners may turn to refinancing if their incomes have dropped. By refinancing to a longer loan term, it is possible to decrease the monthly mortgage payment for a more affordable home loan.
When you own more equity. If you pay for mortgage insurance each month, it is worth checking to see whether you now own enough equity in your home to qualify for a mortgage without insurance.
When you are consolidating. Borrowers with high interest debts can benefit from consolidating them into a home loan with a lower interest rate.
When your plans have changed. If you plan to live in your home for longer or shorter than you originally expected, changing to a fixed or adjustable interest rate might help you save money. Some borrowers also switch to a fixed rate for peace of mind.
See What Our Clients Are Saying About Us!
Jayme P.
14:51 30 May 24
Lisa Bokhari was amazing to work with. She provided us with so much information: charts, spreadsheets, property value predictions etc.. to help us make decisions and gave us choices that took into consideration our current situation and our plans for the future-breaks down stressful decisions into a step-by-step process-is so compassionate and knowledgeable about finances and loan programs-helped us so much with not only loan programs but with difficult complex decisions about multiple properties-she is very fast responding to questions and provided us with numbers and analysis often the same day we asked for it .Highly recommend. Thank you Lisa
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00:51 30 May 24
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15:16 29 May 24
I have been working with the American Mortgage Solutions team for years now. Every single person I have worked with is so nice, knowledgeable, and professional. I almost feel like I'm part of the family. Shout out to Brady, Courtney, and Jamie! Thanks so much for all you do!
Refinance Now and Start Saving Today
Are you ready to find out if you qualify for a lower interest rate and other exciting advantages? Find out today if you can refinance your home loan. Please give us a call today at (502) 327-9770 to schedule your consultation in Kentucky, or at (239) 766-8344 to schedule your consultation in Florida. We are also licensed in Tennessee, Indiana and Colorado. Let’s get you the competitive rates you deserve.
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