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!
A S.
14:27 09 Apr 24
Brady and his team were phenomenal in helping us secure a HELOC recently. They did a great job keeping us informed throughout the whole process and was able to secure us a competitive rate. Way better than our bank was offering. I’d highly recommend working with them for your mortgage needs!
Victoria D.
01:12 20 Jan 24
Working with American Mortgage Solutions has been a great experience. I worked with Kris and she answered every question and truly made our home buying experience the best.
Jeffrey G.
01:13 15 Dec 23
Top notch service. Brady and his team from start to finish were very professional, always answered the phone for any questions we had through the process to streamline our purchaseThanks again
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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American Mortgage Solutions is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.
These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit https://www.hud.gov/guidance For information directly from the VA, visit http://www.benefits.va.gov/HOMELOANS/ For information directly from the USDA, visit http://www.usda.gov/wps/portal/usda/usdahome?navid=GRANTS_LOANS